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LIBRARY OF CONGRESS. 

UNITED STATES OF A3IERICA. 



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NO INTEREST FOR MONEY, 

EXCEPT 1 O IHE GOVERNMENT ; 

IHKN Ndl ro EXCEKI) 3 PKR CENT. 



UNCLE SAM, banker: 

niE WEALTH OF THE COUNTRY, INCLUDING SOU., 

MINERALS AND THE PRODUCTIONS, 

THE CAPITAL STOCK. 

rR()F[T8 PLAOWD TO THE OllEDET of the PROPLK 

AFTER PAYING GOVERNMENT EXPENSES. 



% 
8HYLOCK AND HIS MONEY CAST OUT;. FOE THE PEOPLE CAN 
HAVE BETTER MONEY. MORE OF IT, AND A BANK THAT 
^ v^ILL NOT BKEAK ; ALL DEPOSITS SAFE ; NO 
A'y^ " HARD TIMES " NOR REVOLUTIONS. 




BY W. H. GIBBS, LYONS, iQ5^/fA.u 



^yc.Js.kJL'::'^ 



LYON^S, IOWA: 
J . C. Hopkins. Printer, Advertiser Offick. 

1879. 



9^ 



31 



Kllf*^r^^d according to act of Congn'ss, in t5ie ycjr 1879, by 

W. II. GIBBS, 

In the otJice of Librarian of Congress, at "VSasiiinfjion 



PREFACE. 

Labor produee.s silks, hrocidcl»)th.<, calf booth, stove pipf hats, 
oarriages, mansions, a*^ well as all food, raiment and slielt^r. 
Why don't producers havf an abundance of those things? 

Because our financial system. pr( tected by law, transfers pro- 
duction from the producer to the non product r. We ht\\r. 
paid enough interest, on money tosuppoit three fan)ilies of oui- 
-tize comfortably through life. ObserA e the masses struiigling 
to live, who by constant labor and e<()nomy, only s»cuie a laie. 
subsistance. while non-pn.ducers, who h an mc.ney. amass 
L:reat fortunes, led us to study political economy. We find 

hat usury in the Bible meati.>=^ anv mone\ j aid for the use of 
money ; and that nu^st nations down to about the ujiddle of 
The fifteenth century confisica«ed the jiroj eviy of th(sewlio 
took money for the use of money. The Jews, who would sei! 
father and mother, and cm n Christ. Icrmcnc} — (vcn ci(;l in 
pork to get gain — instituted a m(;?!eiaiy sysuni toiob the pro- 
ducing power of the world. In Great Biitain, during the 
reign of Henry the VTII. about 1530, they came to London 
and instituted banking. The King smiled upon the instiiuiion. 
Decrees or legal enactments were passed allowing inteiest on 
money. Now, usury means above legal rates. John Calvin 
favored the new departure. It is a fact in histojy that hefor,; 
this period extreme want, suffering and poverty were unknown 
in England. In France during the reign of Louis XIV. Jews 
and Calvinites wem to Paris, setup banking, and obtained the 
good graces of the King, who boinnved money to carry on 
successful wars. Subsequently interest accumulated the sur 
plus production of the people, and transferred the same into 
the hands of the Jews and their allies. As in England the 
people were oppressed, which culminated in the reign of terror. 
The same causes are producing the same results in Germany, 
especially Berlin, where the wealth of the nation has accumu- 
lated by interest into the coffers of the Jews and semi-Jews. 
A revolution is imminent. The same results are duplicated in 
New York City. Wall Street -controls the government and 
oppresses the people, A monetary system tiiat hampers, per 
plexes and robs the producers of all v;e.ilth, will end in ruin 
to both people and government. 



The acquisition of property by labor will hardly avoraiji' 
two or twtt ;ui(i one-half per :.-ent. per annum. Laws fcjvorini^ (In- 
Jewish svstem of finance, where by inrerest is taken over tw(. 
or two and one half per cent., not only discourages those whc 
toil, but strikes terror and death to the producinir pnwer uf all 
wealth. As money was instituted to measure the value of pr< - 
duction in the exchange of barter and distribute property to 
whom it belongs — as it does not possess an accumulating pow- 
er, no pay inheres for the use of this measure anymore than for 
the use of the yard .stick or other measure!^. Law declaring 
money a commcKlity. and interest for its use, builds up monop- 
oly and peasantry, master and slave, just as certainly as two and 
one m:ike three. The Jews would not have t';-ie people by the 
throat were it not for the complete net .vork of laws that pro- 
tect tht'm. This is the most important subject producers can 
consider, l()r it bears directly upon rheir success and happiness 
in life. When fully understood the Jews will be laid out 
straighter than a -'loon's leg." Modern writers upon "political 
econonjy," viz, Wayland, Adam Smith and others, seem to 
throw a veil of mystery over the world's financial system. -- 
"Over production," never ! if there is ability to purchase. If 
an over production produces distress, then God's government 
is a failure, for we are <roramanded to be fruitful and multiply 
and replenish the earth. 

We think a monetary system may be inaugurated as simple 
as addition, subtraction and multiplicaiioti. which will distrib- 
ute property to the producers thereof, and will introduce 
friendly feelino; in society ;*nd harmony in the irovernment. 
We have never been a politician, for we never held an office in 
our life, except once a distinguished Alderman in a little city, 
and then received no pay, but many kicks. Perhaps we should 
state that formerly an Abolitionist, and lately a Republican. 
Now we do not belong to any party, although some say our 
back is green. No man is fit to be a Republican who votes for 
party. No man is fit to be a Democrat who is wedded to 
party. All should vote for principle. Not hampered in any 
way, we have been collecting material for a new monetary 
system. Our friends urged us to abridge and present in a 
cheap form a few thoughts upon this subject, so wo have 
thrown together a few crude ideas for producers to consider. 
In another work we shall try to answer all objections to our 
theory and present the same for the criticism of the public. 



NO INTEREST ON MONEY. 

In Smith's old arithmetic we find : '' An En- 
glish penny put at compound interest in the 
year one, at 5 per cent., up to the year i8ro, 
would amount to more than could be ex- 
pressed, — viz., 357,000,000 of globes, each 
equal to the earth, all of solid gold." 

An expert mathematician in Connecticut has 
figured : '' One cent at simple interest for 1,870 
years would amount to $112 ; and that a cent 
at compound for the same time would amount 
to^2,oo8,785,469,72i,77o,28o,5i7,336,oo7,36i,- 
941,519,773,773447/' 

As compound interest will swallow up God's 
universe — more than we can comprehend — 
let us come down to human capacity. 

The thirteen original Colonies contained 
153,835,520 acres of land. Suppose England 
had sold it to the pilgrims in 1620 at one cent 
per acre ($1,538,355), on long time, at 6 per 
cent compound. To-day (2 58 years) it would 
amount to $2,177,588,274,960, The assessed 
value of real estate in the United States was 
$14,500,000,000 in 1870; in connection with 
all other property, about thirty billions. The 
pilgrims would have paid, or owed, England 
$2,147,588,264,960 more than the assessed 
value of the United States in 1870. 



6 

One hundred thousand dollars put out at lo 
per cent., compound, will amount to $1,638,- 
400,000 in ninety-eight years. B. R. Sherman, 
Auditor of State, informed me last November 
that the total assessed value of Iowa, for 1877, 
was $404,670,044, which is less by $1,233,729,- 
956 than the interest on $100,000, for ninety- 
eight years, as above computed. 

The accumulation of interest has enabled the 
Rothschilds to purchase Empires. It is said the 
income of the Vanderbilt estate is $5,25o,ooo. 
The labor of 21,000 men at $25o per annum 
will be required to pay this income ; this does 
not include their living, for imtles must be fed 
while their surplus earnings go to their own- 
ers. Good Lord, deliver us ! 

The yard- stick measures length ; half-bushel, 
quantity; sacks, bulk; weights, pounds. "Money 
measures values," is the testimony of all polit- 
ical economists. Gold has no intrinsic value, 
except such of it as we can put in our teeth or 
use in mechanical and ornamental purposes. 
Potatoes and cabbage have intrinsic value ; they 
help to sustain life. Gold, the law declares, 
shall represent the value of production or prop- -^ 
erty that preserves life. The adoption of gold, 
silver, or paper, as money, is to facilitate ex- 
change. The real use of money is to represent 
values. The money of a nation represents the 
wealth of the nation. Its use is to " measure 
values." Money does not draw interest. If a 
man give his note drawing interest for money, 
with an endorser whose property is collateral 
security, his note draws the interest. Surplus 
production by labor pays it. The increase 



7 

comes from industry. The money does not 
increase or produce ; it measures the vahje of 
production. The man who borrows money 
and pays interest pays for the use of the repre- 
sentative of his property. Pay for the use of 
this *' measure " does not inhere to money, any 
more than for the use of other measures. Law 
requiring- pay for the use of the representative 
or measure of property does great injustice to 
the producing classes of the world. Let us try 
the case. The increase of property in the 
United States for the last lOO years has been a 
fraction less than 25 per cent. Political econo- 
mists tell us that the average profit of Ameri- 
can labor is 2^ per cent. 

When 10 per cent, (we leave out semi-an- 
nual compounds) interest is paid, law requires 
75 per cent of the blood and muscle of men to 
flow into the pockets of non-producers, who are 
as fat and sleek as Henry Clay's negroes. Law, 
then, builds up an aristocracy in this Republic, 
the land of the free and the brave. The pro- 
portion of this aristocracy to the whole is about 
3 per cent. Statistics show that more than 
one-half of the wealth of the State of New 
York is owned by 2i per cent of its people, 
most of whom reside in Wall street. More 
than one-half of the property of the United 
States is owned by about 3 per cent, of its in- 
habitants, many of whom are millionaires. 
The proportion is about the same as drone 
bees to the bee-hive. 

Interest, the sum of all villainies, enables the 
few to live in splendor, luxury, and ease from 
the surplus production of the many. Interest 



has created caste, and built up partition walls 
in human society ; i. e., labor furnished all the 
material and did all the work to build up an 
aristocracy of non-producers. Originally, money 
was used simply as a '^measure" — a medium of 
exchange — no pay being required for its use, 
any more than for yard -stick or half-bushel. 
This v/as in harmony with its natural functions. 
The Mosaic law condemned the right of taking 
interest. " Usury," in the Bible, is anything 
paid for the use ot money. Legal enactments 
forbade it, in most of the nations, down to the 
reformation. John Calvin did more to fasten 
the infernal curse of interest on civilized society 
than any other one man ; this we will show 
hereafter. Cast-iron morteaijes, drawing hl^h 

<Z> o o o 

rates of interest, are in harmony with his cast- 
iron creed and doctrine of election. 



TIN-PAIL NOBLEMEN. 

Who penetrates the mountains for precious 
metals? Ans.: The man who carries the tin 
pail. 

Who are the advanced guard to develop a 
new country ? The men who carry the tin 
pails. 

Who build our railroads, steamboats, en- 
gines, ware and station houses, and keep the 
same in repair ? The tin pails. 

Who build cities, our houses, and work up 
iuel for the same ? The tin pails. 

Who build our roads and bridges ? The 
tin pails. 



9 

Who supply clothino- and food for the human 
race ? The tin pails. 

Who have produced all the wealth (fruits of 
labor) of the world ? The tin pails. 

Who support aristocrats in their extrava- 
gance ? The tin pails. 

Who fiaht the battles of the nation, and live 
on hard-tack ? The tin pails. 

W^ho are the 7iohle men of earth f Those 
who carry the tin pail. 

God bless the old tin pail. 



NATURE'S LAW. 

Placed upon this earth, so changeable from 
scorching heat to stinging cold, having a body, 
living and dying all the time, recuperating and 
decaying, subject to ten thousand conditions, 
it is a desperate struggle to supply the wants 
and necessities of life. Nature^s law is that 
each person, with hands and head produce 
equivalent to what he consumes ; if he does 
not, he falls in debt to friends or society. Na- 
ture declares, in language brighter than the 
sun, that every person by honest toil Is entitled 
to the benefit of his own labor, for his own 
happiness. Society has no right to take any 
part thereof, except what will '* better secure 
his natural rights." The cost of maintaining 
good government should be equally borne by 
all. Any regulation In society, cemented by 
legal enactments, that takes from labor the sur- 
plus production which labor earned and needs, 
is a wrong to those who by labor support all 



lO 

Self-preservation is the first law of nature. 
The man who by labor supplies his own wants, 
and furnishes his quota for the maintenance of 
good government, is most certainly entitled to 
the benefits of nature's first law. Interest on 
money strikes at the very heart of this law, be- 
cause it takes from another the necessities of 
life, without an equivalent. The result is that 
the r h grow richer without toil, and the poor, 
who do labor, grow poorer. What is the cause 
of this great disparity in human society ? It is 
because money is made a commodity ; interest 
is charged for the use of the *' measure " of 
production. If money represents the value of 
commodities, it should not be a commodity 
itself. This is the hinge of the question. 
Money, a dead thing, possesses no vital force to 
increase ; its use is to '* measure " vitality. To 
charge for the use of a dead thing, not produc- 
tive, for mesuring a live thing — i. e., possess- 
ing the elements of vitality — is unjust, and a 
great wrong inflicted upon those laboring to 
support the human race. Charging for the use 
of this measure by separating production from 
labor, this tool of labor is collected and loaned 
or rented back to labor at such high rates of 
interest that it is next to an imposibility for 
labor to keep its head above water. It strikes 
death to the vital forces of industry. Being- 
hoarded up and held for high rates of interest, 
requiring " gilt-edge " security for thirty, sixty 
or ninety days, with a mortgage stronger and 
tighter than any iron vise ever made by man, 
hast hrown a shadow over every industry, while 
it is constant sunshine with the m.oney-lender. 



T I 

The cry is that money is scarce. There is 
plenty of it hoarded up, seeking whom it may 
devour. If there was no pay for the use of 
this '' measure," the bilHons of money now idle 
would go begging for labor to use, and share 
equitably in the products of labor, from which 
all wealth is derived. 



WALL STREET. 

Statistics show that about 3 per cent, of cap- 
italists own more wealth than the 97 per cent., 
in the State of New York. About the same 
ratio prevails in other States. Wall street, 
with its money, has done more to corrupt the 
people of the United States than any other 
cause. Production has been separated from 
labor and hoarded and used to crush rather than 
aid labor. Money, although it has no power or 
vitality to increase in and of itself, any more 
than brass or parchment, has been so skillfully 
used in accumulating the surplus production 
that about 3 per cent, own as much property as 
the 97 per cent, of the people of the United 
States. Interest on the money accumulated by 
the few has gobbled up the surplus production 
of the millions who toil. This accumulation of 
the fruits of labor is used for base purposes, 
tending to corrupt rather than strengthen the 
virtues ot an enslaved people. Let us try the 
case. Some twenty-three years ago, petitions 
were presented Congress for four contemplated 
railroads across the State of Iowa. We were 
interested, and watched the checker-board 



12 

closely. The President of the Iowa Central 
Air Line, S. S. Jones, informed us that the pro- 
ject would win, for the capitalists of Wall street 
expected to furnish money, in view of finally 
owning the road, and that Wall street was at 
work manipulating members of Congress. 
Congress voted grants of land to the four roads. 
At a meeting of the Directors of our road, we 
were elected Land Commissioner. Six hun- 
dred thousand acres of land were put in our 
hands in trust for the railroad company. Mr. 
Jones informed the Directors that he had agreed 
with certain Congressmen to give them bonds 
on the road to the amount of 33 per cent, of 
the value of the lands at $i.25 per acre. This 
was nearly twenty-four years ago. The gigan- 
tic bribes, Credit Mobilier, etc., since, would 
almost " skunk " satan. 

In the time of trouble at the dawn of our 
civil w^ar, the people, without means — for cap- 
italists, by excessive interest, had absorbed the 
surplus production of the country — were obliged 
to get on their knees and beg of Wall street, 
who had their earnings, to help save the coun- 
try. The people would furnish muscle, fight 
the battles, and live on hard-tack, il Wall street 
would only lend back some of their hard toil to 
sustain the government. W^all street, having 
no motive but interest, dictated to the people : 
" If the government will issue bonds, put them 
on the market, and not tax them for the sup- 
port of government, we will purchase and let 
the people have 02ir money." What security 
did the bondholders have ? The same security 
that is always eiven for the measure of labor — • 



the property of the people was held for it ; 
labor, or production, pays the interest, and 
finally the principal. Money, notes and bonds 
represent the property of the people. The sale 
of those bonds was at from 33 to 80 cents on 
the dollar. The shrinkatre comes out of labor. 
The result is that some of the bondholders have 
accumulated immense fortunes, bloated, arro- 
gant and despotic, while the people, who sup- 
port all, are on the verg-e of bankruptcy. The 
profits made on the old Vanderbilt " hulks," by 
the regular committees in Congress, w^ere co- 
lossal. Wall street has set an example of gam- 
bling which is now imitated in every large city 
by Boards of Trade. It can buy i ,000 Chicago 
Times to do its dirty w^ork. This Sodom dic- 
tates National and State legislation. Money 
pays Legislatures for legalizing iron collars, 
fetters and chains for the people. Laws are 
made in the interest of this money power. 
Courts, lawyers, officers, prisons, and a stand- 
ing army of bayonets terrify the 97 per cent, of 
the people, who are but putty in the hands of 
their masters, who constitute but 3 per cent, of 
the population, as above shown. When this 
subject shall be fully understood, the money 
power will not amount to even a puff ball un- 
der the foot of an elephant. If a wall could be 
built around Wall street as high as heaven and 
as deep as hell (close by), it would be a bless- 
nig to our Republic. We do not declare all 
who deal in money '' cutthroats," for of our 
acquaintance we know of some good men. We 
are here speaking of the representatives of the 
wealth of the country. ' 



14 
•' Will any Wall-streeter get to Heaven ?" is 
a question frequently asked. Doubtful ; but ii 
so they would be likely to dig up the gold in 
the streets, go into banking, and require the 
people to put up the pearly gates as collateral. 
No ! its " bulls " and " bears '' are too mean to 
go to hell, unless they give security for good 
behavior. 



INTEREST A HARD MASTER. 

Interest is the worm that gnaws unceas- 
ingly into the vitals of industry. It outnum- 
bers the grasshoppers on the plains. It con- 
sumes seven-eights of the products of busy 
hands. It brines ruin upon thousands of en- 
terprises every year. Nearly every dollar in 
circulation is drawing interest from somebody, 
and the little that does not is being withdrawn 
by evil-doers to give place to that which will. 
The largest proportion of tilled lands is infested 
with interest. Towns, cites, counties. States, 
and even the nation, are all drained by interest. 
The great mass of busy people, and ali the 
homes that are mortgaged, are victims of this 
insatiable worm — interest. It is the greatest 
curse entailed upon labor in our age and civil- 
ization. To eet rid of it should exercise the 
best energies of every lover of his race, every 
patriot of his country. The vicious schemes 
through which it fastens itself upon all public 
enterprises should be opposed. Our industries 
are nearly paralyzed, millions of our country- 



i5 

men are impoverished and made dependent, 
and our very national existence is endangered 
by this curse of curses — interest. Keep your- 
self free from its fangs, if you would enjoy the 
products of your own labor and enterprise. 



UNFORTUNATE FARMERS. 

We learn from an undoubted source that the 
farmers in Northwestern Iowa, Minnesota, and 
Nebraska, in consequence of a failure in the 
wheat crop, are borrowing money to live on 
through the winter, paying rates of interest 
(taken out in advance) of from 20 to 40 per 
cent, and all of whom are obliged to mortgage 
their farms upon cutthroat conditions, some 
of them also being required to add stock 
and furniture to get a little of the representa- 
tive of their property. It is only a matter of 
time for those mortgages to grind these farm- 
ers as much finer than flour as flour is finer 
than pow^den Who can describe the anxiety, 
perplexity, sorrow, and grief of those unfortu- 
nate farmers, caused by devouidng interest, by 
greedy and selfish money-lenders ? Happier 
would they be in the Penitentiary than on their 
farms. In attempting to describe the condition 
of these farmers, we find ourselves in a some- 
what similar predicament to the Boston coal- 
dealer, who w^as noted for his swearing propen- 
sities and the utterance of terrible oaths. While 
ascendinof a hill with a load of coal, some mis- 
chievous boys slyly pulled out the end -board of 
his w^agon-box. At the top of the hill the 
driver looked back, saw coal scattered for four 



i6 

or five blocks, and was so bewildered he never 
uttered a word. The boys asked him why he 
did not swear. He replied that swearing vv^ould 
not do the subject justice. As we cannot do 
justice in describino- the hell those farmers are 
in, we leave it for the imao;ination of the reader. 



PAYING INTEREST. 

BY HENRY V/ARD BEECHER. 

No blister draws sharper than interest does. 
Of all industries none is comparable to interest. 
It works all day and night, in fair weather and 
foul. It makes no noise, but travels fast. It 
gnaws at a man's substance with invisible teeth. 
It binds industry with its film, as a fly is bound 
in a spider's web. Debts roll a man over and 
over, binding hand and foot, and letting him 
hang upon the fatal mesh until the long-legged 
interest devours him. There is but one on a 
farm like it, and that is the Canada thistle, 
which swarms new plants every time you break 
its roots, whose blossoms are prolific, and every 
flower the father of a million seeds ; every leaf 
is an awl, every branch a spear, and every plant 
like a platoon of l:>ayonets, and a field of them 
like an armed host. The whole plant is a tor- 
ment and vegetable curse. And yet a farmer 
had better make his bed of Canada thistles 
than attempt to be at ease upon interest. 



NEVER GIVE A MORTGAGE. 
Millions of men in this country have, by hard 
toil, accumulated from $5co to $3,000 in money, 



17 

and, with this start in life, concluded to settle 
down, engage in farming, manufacturing, or go 
into trade. The hazcks, who by devouring in- 
terest catch the chickens, encourage the man 
who has $5oo or $800 to buy a farm worth 
$1,000. He, the hawk, will acconmiodate the 
young man by lending him $5oo on three or 
four years' time, by paying 10 per cent., the 
usual interest, semi-annually in advance, and 
take a mortgage on the farm. The young man 
agrees in note and mortgage to confess judg- 
ment, pay ail court fees, and allow foreclosure 
at any time, if he shall tail to pay the interest. 
The young man, v/ith high hopes and a young 
wife, with good prospects of an heir to his 
farm, starts out on a tempestuous sea. Sick- 
ness comes, causing a heavy doctor's bill to 
pay. Crops fail, and the interest is not paid. 
By begging, an extension is graciously granted 
for six months. When the time expires the 
young man is no better off, and perhaps not as 
well, as when he secured th^. great favor of ex- 
tension. Discouraged and disheartened, he 
lets the farm go, with the four or five years of 
toil which he had put into it, and himself, wife, 
and babe are turned out in the cold. A thous- 
and books as large as the Bible would not be 
enough to record all the results in our land, of 
such mortgages and interest. We say never 
mortgage your property unless dire necessity 
requires it. If. you mortgage your property, 
mortgage to yourself — i. e., the government, of 
which you are a part, which should give long time 
at reasonable rates of interest. The 97 per 
cent., the producers of our land, can inaugurate 



i8 

this equitable money system whenever they 
please, and they will when it is fully under- 
stood. We say again, don't borrow money 
until the laws favor the borrower as well as 
lender. When that time shall have con^ie, what 
an impetus it will orive to industry ! what a rush 
from our large cities to take up land and im- 
prove it for a home — " Home, sweet home ! " 
Knowing that the money power of the nation 
will help instead of injure them, then will 
young men be induced to marry. Now they 
say, " W^e see so many families wrecked b}' 
devouring interest, we will not make an inno- 
cent young lady miserable ; besides, we do not 
wish to raise slaves for our masters, the money 
power." Wise conclusion ! When a just and 
equitable money system shall have been 
adopted, all will be induced to own some of the 
productive property of the nation, from, which 
all wealth is derived ; for with this system 
money can be had with profit to both lender 
and borrower, the nation and the people. 
Then five hours^ labor in the day will secure 
the necessities of life ; then man can have the 
ho7iey he has produced (his living and the com- 
mon burden of society excepted), as a reserve 
for the exigencies of life ; then, and not until 
then, will human life be in harmony with Na- 
ture's law. 



THE MORTGAGE. 



BY LIZZIE HULL. 

Ten years — and the hair on my temples 

Is turning and mixing with gray, 
And my face has grown aged and care-worn, 

Its lines deepen day by day ; 
My comrades are want and privation. 

They've clung to me close for years, 
And I've borne them with unflinching patience, 

Though laden with trouble and fears. 

This eve, while the sun has been dipping 

His rays down the fair, rosy west, 
I've been over the farm I once planted. 

With hope of serene age and rest ; 
But to-morrow a white-covered wagon. 

On its long westward journey will start. 
And Mary will smile, though she's hiding 

A weary and desolate heart. 

I've walked the last time through the orchard ; 

This autumn its first fruit will yield ; 
The vineyard is laden with clusters, 

And yellow with corn is each field. 
When full of youth's hope and ambition, 

My wife and I left dear old Maine, 
With only the blood boughten pittance 

I'd saved from a "private's" poor gain. 

But Mary was happy and cheerful, 

And I strong with vigorous health ; 
With eighty good acres of prairie. 

We seemed on a short road to wealth ; 

So first, for a home and a shelter, 
A poor little shanty was built ; 

How poor, but one room, and unpiastered, 

So meager is poverty felt. 



20 

Then stables, aiid horses, and cat^^Ie, 

And harrows, and wagons, and seed, 
And hundreds etceteras un thought of, 

That ever a pioneer needs. 
And everything came at the highest, 

And called on my small stock of cash. 
Till I found, ere I'd half done with buying. 

My dollars had gone like a Sash. 

For five dreary, desolate winters. 

With summers of labor between. 
We sulFered, yet thankful if autumn 

ilewarded with measures of grain ; 
And there, in that kitchen and parlor 

And chamber combined, one bright moru- 
With poverty everywhere 'round them — 

Our little twin children were born. 

And later our Mabel, our idol, 

Canie to us, yet soon fled away ; 
And we felt there are griefs that are greater 

Than want — that sad burial day. 
But I built to the house an " addition," 

And made things all cosy and warm ; 
And bought forty acres of "timber," 

And for it we mortgaged the farm. 

Then " hard times " grew harder, and ever 

Misfortune has followed alway. 
With failure on failure of harvests 

That no mortal foresight could stay. 
The mortgage is closed, and our homestead 

Is gone for its half, and is sold ; 
No help — for it's law, so it's justice — 

And avarice clutches his gold. 

So out — heaven help us ! — we wander ; 

Our youth and our labors are lost ; 
Ah ! little dreamed we when we signed it, 

The anguish that mortgage would cost. 
Out ovei the prairie to-morrow 

A white-covered wagon will roam, 
And eyes that are misty andblinded 

Shall take a last look at " the home." 



21 

SINNERS. 

The s^reatest sinners on earth are those who 
take exorbitant interest, because they produce 
the most misery. What shall the sufferers do 
about it ? They should use no violence, for we 
are taught in the good book that we should go 
down to the very gates of hell to save a broth- 
er. Those who are oppressing the industry of 
the land are our brothers. It is our duty to 
teach them to do as they would be done by — 
point them to the Word of God. If the 97 per 
cent, who are producers were so disposed, they 
could compel a change of situation between the 
money power and the laboring classes ; but it 
would not be right, for they (the money power) 
obtained their gains — the hard earnings of oth- 
ers — through the lain) ; besides, we have no 
moral right to oppress anybody. We were 
created to help each other. But it is a duty 
that producers owe to themselves not to allow 
any more oppression from the money power — 
/. e., laws should be changed so as to favor 
those who produce the wealth of the nation. 
Stand up for the right and do right ; for one 
w^ith God is a majority, says John Knox. 



DEVOURING CAPCITY OF INTEREST. 

The following tables, with explanations, were 
compiled by Edward Kellogg : 

Two mechanics, just come of age, are desir 
ous of accumulating large fortunes. They are 
good workmen, and each is able to earn a dol- 



22 

lar a day over and above his expenses. Every 
six months they loan the money thus earned at 
7 per cent, interest, the interest payable half 
yearly. They set their affections upon being" 
rich, and therefore do not burden themselves 
witii a house and family. These men earn an 
average of a dollar a day beside their expenses. 
300 days in each year, during forty years and 
four months. Their age is then sixty-one 
years and four months. Each earns by labor 
$300 per year for forty years, or, for the whole 
period, $12,100 — together, $24,200. The inter- 
est on their earnings, loaned half yearly, for a 
period of forty years and four months, accumu- 
lates an amount which will be seen by reference 
to the following table. Interest at 7 per cent, 
per annum, paid and reloaned half yearly, accu- 
mulates a sum equal to the principal in ten 
Years and one month. 



1st half year ibey earn 


by 


Amount brou.^ht up 


....$1,965 04 


their lahor 


. . . . 1300 00 


6 months' interest 


68 7^ 


6 months' interest at 7 
cent 


per 

10 50 








2.033 82 






7 th half 2ear's labor 


. . . . 300 00 




310 50 






2nd half year's labor — 


.... 300 00 




2,333 82 






6 months' mterest 


81 U8 




610 50 
21 37 






() months' interest 




2.415 50 






8th •>balf year's labor 


. . . . 300 00 




631 87 






3(1 half year's labor 


300 00 




2,715 ,'0 






6 months' interest 


95 04 




931 87 







6 months' interest 


32 61 




2'810 54 






911: half year's labor.... 


. . . . 300 00 




964 48 
300 00 






-ith haK year's labor 




3.110 54 






6 months' interest 


. . . . 'l08 87 




1,264 48 






6 month's interest 


44 26 




3,219 41 






loth half year's labor. . . 


. . . . 300 00 




1,308 74 






5th half year's labor 


300 00 




3,519 41 
. . . . 123 18 






6 months' interest 




1,608 74 
56 30 






6 months' interest 




3.642 59 






11th half year's labor. . . . 


. . 300 00 




1,66^ 04 






6th half year's labor 


.... 300 00 




3.942 .59 



Amount broiiglit up $ 3,042 m Aiuouut brou'^ht up § 6,291 29 

G month's mterest •. . 137 90 6 months' iutere^it 220 20 



4,080 oS 6,511 49 

12th half year's labor 3oo 00 I7th half year's labor 300 00 



4,380 58 6.811 49 

G months' interest 153 32 6 months' interest 238 40 



4,533 90 7.049 89 

13th half year's labor 300 oo 18th iialf year's labor 300 00 



4,833 90 7,349 89 

6 months' interest 169 18 6 month.^' interest 257 25 



5.003 08 7.607 14 

I41h half year's labor 300 ou 19tli half year's labor 300 00 

5.303 OS 7,807 14 

6 months' mterest 185 61 6 months' mterest 276 75 

5,438 69 8,183 89 

15th half year's labor 300 00 20th half year's labor 800 00 



5,788 69 8,483 '89 

n months" inteiest 202 60 6 months' interest 49 49 



5.991 29 8,533 38 

16tl) hall year's laboi' 300 00 .^dd one month's labor 50 oO 



6,291 29 $8,583 38 

In the first ten years and one month, the two men earn by their 

labor $ 6,050 00 

Interest thereon during this period 2,533 38 

8,583 38 
In the 2d ten years and one month, the interest on this sum 
equals the principal 8,583 28 

17,166 76 
2d 10 years andd month's labor, and interest thereon 8,583 38 



25,750 14 
3d " interest 25,750 14 



51.500 28 
3d ■' labor and interest thereon. 8,583 38 



60.083 66 
4th •' interest "60,083 66 



* 120,167 32 

4th " labor atid inteiest thereon 8,583 38 

128,750 70 
In 40 years and 4 months the men earn by their labor 24,200 00 

Remainder accunuilated by interest $104,550 70 

The interest on the sum ($24,200) earned by 
their labor is $104,550.70 — over four and a 
quarter times more than they have earned by 
their labor. Suppose the two men to live 
twenty years and two months longer — that is, 



24 

to the age of eighty one years and six months 
— and continue to loan their money, During 
this period it would double twice. 

Tims .S128.750 70 

1 years and 1 month's interest 128,750 70 

257.501,40 
2(1 1 ve;a-s and 1 month's interest 257.501 40 

Total accumu ation In 60 vears and 6 months .9515,002 80 

The tw(» men do not labor durmg the last 20 years ;ind 2 months, 
and expend for their living during that period 15,002 80 

500,000 00 
In 40 years and 4 months they earn by their labor > 24,200, and live 

20 years and 2 montlis on their money without labor. 
Subtract money earned by labor 24,200 00 

Remainder accumulated by interest on §24,200 .«475,8p0 00 

Every dollar of the $476,800 is earned by 
the labor of others, and given to the two men 
as the legal interest upon $24,200. These men 
live laboriously, and work for a very moderate 
compensation. They take only the legal rate 
'"f interest, and do not demand the principal of 
r '■^. money as long as the interest is paid, 
'ther do they enter into any speculations. 
It is therefore said that labor earns their large 
fortunes. Cases similar to this are often brought 
to prove that an industrious man may, by his 
labor, accumulate a large property. That this 
conclusion is erroneous, is manifest from the 
foregoing table, by which it appears that more 
than nineteen out of twenty' parts of the large 
fortunes of these men are earned by others, 
and paid to them to satisfy the legal interest 
on their loans of money. 

Now let us suppose the interest on money 
to be 2 per cent., and, with this difference only, 
these two men to be placed in the same circum- 
stances in which they have already been de- 
scribed. Thev earn over and above their ex- 



2:) 

penses a dollar a day, 300 days in each year, 
during a period of forty years and four months. 
They loan their earnings at the legal rate of 
interest (2 per cent.), and collect and reloan the 
interest half yearly. 



1st h;.]i year's labor .- 

6 months' intere«;t at 2 per 
cent 



300 I'O Amount brought up S 3,170 06 



3 00 



lltli half year's labor, 



00 



803 00 6 months' interest. 
2d half yeur's labor 3oo Oo 



6 months' interest ... . 
3d half year's labor 
6 months' i'.iterest. 
4th half year's labor . 
6 months' interest. . 
5th half year's labor . 

6 months' interest 

6th half year's labor . , 
6 months' interest . . 
7th half year's labor . . 
6 months' interest . . . 
8th half year's labor. . 
6 months' interest . . 
9th half year's labor . 
6 months' Interest . 
lOth half year's labor 
6 month's mterest . • 



603 00 12th half vear's labor. 
6 03 



609 03 6 months' interest 
300 00 



909 03 13th half vear's labor. 
9 09 



918 12 6 mor. ths, interest — 
300 00 

1.218 12 14th half year's labor 

12 18 



1,230 30 6 months' interest. 
300 00 



1,530 -io 15th half year,s labor. 
15 30 



1 545 60 6 months, interest. 
300 00 



3,470 06 
34 70 



3,.504 76 
300 00 



3,8"4 76 
38 05 



5,842 81 
300 00 



4,142 81 
41 43 



4,184 24 
200 00 



4,484 24 
44 84 



4,529 08 
300 00 



4.829 08 
4S 29 



4,877 37 



1.845 60 10th half year,s labor 300 00 

18 46 

5,177 27 

51 77 



1,864 06 6 months, interest. 
300 00 



2,164 06 17th half vear.s labor. 
21 64 



5,229 14 
300 00 

5,-529 14 
55 29 



2,510 .56 6 months' interest. 
3u0 00 



2,185 70 6 months' interest 

300 00 

_ 5,584 43 

2,485 70 18th half year's labor 300 00 

24 86 

5,884 43 

58 84 

5,948 27 
300 00 

6,213 27 
62 48 

6^3a5 70 
300 00 

6.605 70 
11 06 



2,810 56 19th half year's labor. 
28 11 



2,838 67 6 months' interest 

300 00 

1,138 67 20th half vear's labor. . . 
31 39 

3,170 06 Add 1 month's interest. 



26 

A mount brought up .$ 6,616 76 Amount brought up .? 18,107 42 

Add lmonlh"s labor 5o oo 3d 10 vears and i month's 

labor ;ind inLen-st 6,666 76 

6,666 76 

A(\(\ loyeais and 1 month's 24,774 18 

mieiest at 2 per cent 1,48155 lo vears and l month's iii- 

terest 5,505 88 

8,148 ;J1 

2d 10 years and 1 mouth's 30,280 O"; 

h.bor and interest 6,666 76 4th 10 years and 1 month's 

labor and interest 6,666 76 

14,sl5 0," 

10 years and i month's in- .'!?36.946 82 

teresi 3,2;>2 35 - 

Add the interest Jit 2 per cent, for twenty years and two months 
longer, i;ntil tiie men reacii the age of eighty-one yeai's and six 
months. 

1st ten vears and one month's interest 8,210 69 

45,157 51 
2d ten years and one month '.^ interest 10.o;J5 35 

•^55,1 92 -.86 



In furty years and four months the two men earn by then- labor. ..?24,200 on 
The interest upon this sum for a period of sixty years and six 
months, even at 2 per eent, amounts to 30,992 Oit 

.f^"5,192 00 

This i!5.?6,79fl more ti:an they earn by their labor. 

When it is considered that this interest or 
rent is paid for the mere use of m(:)ney or of 
capital, every reflecting honest mind must be 
convinced that two per cent, is a higher rate of 
interest than a people can afford to pay. It is 
surely m.ost unreasonable for the laws to com- 
pel producers to pay for the use of property 
which a man may acquire by forty or fifty years' 
labor, twice or thrice the sum of the property 
so earned. The thing produced is more high- 
ly esteemed than the power that produces it. 
If an interest of two per cent, upon a well reg- 
ulated currenz^y would accumulate the property 
of a nation in the possession of a few, can it be 
considered strange that the rates of three, four, 
five, six and seven per cent., and even higher 
rates, which are exacted in different countries, 
should have concentrated property into so few 



27 

hands? The only \^onder is that producers 
have continiu-d to live under this oppression. 

A rate of interest of even two per cent, per 
annum, would put it out of the power of the 
people to fulfill their contracts. The establish- 
ment of this rate of interest would be equiva- 
lent to the passing ol a law, compelling the la- 
boring classes to doubje the capital of a nation, 
in favor of capitalists once in thirt)-four and a 
half years, besides producing their own support. 
Suppose a foreign nation owned all the real and 
personal estate in this nation, and a fair estimate 
were made of the value of all ; and then our 
people were legally obliged to pay two percent, 
yearly upon its valuation, besides maintaining 
themselves, w^ould not a tribute of tax like this 
keep us forever in poverty ? Our laws enforce 
much higher rates of interest on capital, which 
are less oppressive to the great body of our 
producers, because they are paid to a few capi- 
talists in our own land instead of to foreigners. 

It may be objected that some of the illustra- 
tions of the accumulative power of interest are 
based on so long periods as to present exager- 
ated results ; but it must be bourne in mind that 
interest, and rents, at too high rates are contin- 
ually accruing to the capital of nations, and are 
producing their evil effects upon the people 
whether the loans be for longer or shorter peri- 
ods. 

It may be supposed that if interest v/ere di- 
minished to one per cent., property and labor 
would rise in the same proportion, and there- 
fore, the producing classes would receive no 
benefit from the reduction. But w^hether prop- 



28 

erty should rise, or fall, or maintain its present 
price, producers would have the same relative 
advantage ; their gain would be from the less- 
ened percentage on capital. If a man borrow^ed 
a hudred dollars for a year, he would pay but 
one dollar for the use of one hundred, instead 
of paying seven dollars. If he hired a hundred 
acres of land, he would have to earn only one 
acre to pay for the use of one hundred, instead 
of being obliged to earn seven to pay for their 
use ; for the per centage on money governs the 
rent of land. This principle of the adequate 
reward of labor, by the decrease of the interest 
on money, although property and labor in con- 
sequence should rise in price, will be illustrated 
in the following table. The price of labor is 
calculated at six dollars per day, and the inter- 
est on money at one per cent, per annum. The 
men earn their money, nnd loan it as in the 
former cases. 

1st 6 months' labor 81,800 oo Amount brought ui> $!9,135 90 

6 montlis' hiterest at l per 6th half year's labor 1,800 oo 

cent 9 00 

' 10.835 90 

1,800 00 6 months' interest 54 68 

2d half year's labor 1.800 oo 

10,990 58 

3.609 00 7th half year's labor . . . . l,80o oo 

6 months' interest 18 Oi 

12,790 58 



3,627 04 6 months' interest 6'^ 

3ii half year's labor 1,800 oo 

12,854 53 

5,327 04 8th half year's labor 1,800 oo 

6 months' interest 27 14 

14,654 53 



5,451 18 6 months' interest 73 27 

4th half year's labor l,80o oo 

14,727 80 

7,254 18 9th half year's labor l,80o 00 

6 months' interest 36 27 

16,527 80 

7,290 45 6 months' hiterest 82 64 

5th half veav"s labor 1,800 Oo 

16,610 44 

9,090 45 10th half year's labor 1,800 oO 

6 months' mterest 45 45 



18,410 44 
9,135 90 6 months' interest 92 05 



29 

Ajnouut broutihl 111* $18.502 59 Amount brought U) . ....'^3.3,81 1 5i; 

lull half year's labor 1,800 <i<> 6 months' interest 16'» !i7 

20,302 59 25,983 G4 

c nioiilhs' iiiten-st 101 ol 17th half year's labor 1,800 0<i 

20,41 14 to 31.855 29 

12th half y( ar's labor i,80o (X) (! mouths' interest 159 28 



22.2(14 10 32,014 57 

«; uuniths' interest Ill 02 18th half year's labor 1,800 fio 

22,315 12 33,814 57 

I3ili half year's labor 1,800 oo 6 months' interest 178 92 

24.115 12 35.962 56 

() mouths' interest 120 58 19th hiilf year's labor 1,800 <'0 

24,235 70 35.783 6-t 

141. i half yeai-'s lab;)r i.8(io 00 (i numths' interest 178 92 



20,305 70 35,962 50 

months' interest 130 18 2oth half year's labor 1.800 Oo 



20 J 65 88 37.762 56 

15th halt year's hilior 1,800 > 1 month's hiterest 31 47 

27,965 88 37,794 03 

() months' interest 139 88 1 mouth's labor 300 00 

I 28,105 76 .^38,094 03 

16th luilf year's labor 1,800 00 r=rrz. 

10 years and 1 monlh's labor and interest * .•?38,094 03 

2(110 years and 1 mouth's interest 4,03n 44 



42,124 47 
10 years and i monlh's labor and interest 38,094 03 

80,218 50 
3d 10 years and 1 month's interest — 8,487 24 



88,705 74 
10 years and l month's labor and mterest 38,094 03 



120,799 77 
4th 10 years and l mon th 's interest 13,415 34 

140.215 11 
10 years and 1 uuddirs labor and interest 38,094 03 



178,309 14 



In 10 years an<l 4 moulhs the I wo men earn at .•!>6 i)er day si4r),200 00 

luleresl th< reon for 40 y(^ars and 1 montlis al 1 percent .33,109 14 

178,300 14 
Let the interest on .s78..300.14 accumulate 20 years and 2 mouths, 
until the nu'n arrive at the age of 81 years aiid 6 months. Inter 
est ou siT8,309.i4 for 10 years at 1 per eent 18,865 02 

197,174 16 
2d 10 years' Interest 20.854 80 

218.028 96 
They cease to labor at the age of 16 years and 4 mouths and expend 
during 20 years and 2 months, six times more than when labor 
was at !fl per day. They expend six times .fl4.995. Deduct. . . 89,970 oo 

.S128,058 90 



30 
With interest at seven per cent and 
labor at ^i per day, the two men leave 
to their heirs $5oo,ooo ; while with interest at 
one per cent., and labor at $6 per day> they 
leave to their heirs $i28,o58, only a fraction 
over one-fourth as much as in the former case. 
The interest on $5oo,ooo, at seven per cent., 
would be $35,000 annually. It would take the 
labor of one man, at St per day one hundred and 
sixteen years to pay the interest for a year. The 
interest on $i28,o58, at one per cent., would be 
$1,280. The labor of one man for two hundred 
and thirteen days, at $6 per day, would pay the 
interest for a year. 



BANKS. 



The amount of specie owned b)^ the banks, 
and the interest paid by the people on bank 
loans, before the civil w^ar : 

The chartered banks profess to transact their 
business entirely on a specie basis. If, to show 
the actual amount of their specie, we take that 
of the banks of Connecticut, w4iich have been 
conducted with as much safety to the public, 
and credit to themselves, as those of any other 
State in the Union, and far more than the av- 
erage, it will be not only a fair but a favorable 
criterion of the specie capital of the banks of 
other States. The following- table, extracted 
from the " Merchant's Magazine,'' vol. xvii., 
page 209, is an abstract of the Commissioner's 
Report for eleven years, from 1837 to 1847 in- 



31 

elusive ; to which is added from the same work, 
vol. xxii., page 320, the Commissioner's Report 
for the year 1849, Thus we have the following 
statement of the banks during twelve years. 



Year 


Capital. 


Ciiciiiatioii. 
.^3,998.325 30 


Total Liabilies 
.-15,715,964 59 


Specie. 
.'i?41 5,386 10 


Loans aiul dis 
counts. 


18;37 


.'r8,744,697 .")0 


.■<13.246,49-. 0.*< 


1838 


8,754,4{i7 .50 


1,920.552 45 


12,302.613 11 


535,447 86 


9.760.286 8(! 


18.39 


8,832,223 00 


3,; '87.815 45 


14.942.779 31 


.502,180 15 


12.2X6,9)6 97 


1840 


8.878.24.5 00 


2.320,589 95 


12.9.50.572 40 


989.032 52 


10 41 S (kKj XT 


1841 


8.873.027 50 


2,784,721 45 


13,866,373 45 


454,298 fil 


10.944,(;7H H6 


1842 


8.876.317 57 


2,555,638 33 


13,4^)5.052 .32 


471.2.38 08 


!0.'i83.412 3r 


1843 


8,58t).393 .50 


5..379.947 02 


12.914,124 66 


438.752 92 


: 1.708. 392 27 


1844 


8.292 238 00 


3,490,903 06 


14..572,681 32 


4.54,430 30 


10.842.9.55 35 


1815 


8,359,748 tto 


4.102.-144 00 


15,243,235 79 


453,658 79 


12.477.196 06 


1846 


8,175.030 00 


3,.565.847 06 


15.882 685 25 


481.367 09 


13.032,600 78 


1847 


8.675.742 00 


4.437.631 06 


15.784;782 04 


462,165 .52 
5,168.657 95 


12,781,857 i:\ 




95.27:5.623 57 


38..549,475 13 


lo7.5.-.o'872 44 


126,292,888 8 i 


1840 


8,985,917 00 


4.,51 1,571 00 




575,676 00 


13,740,591 0) 




.•>104.259,546 57 






.i?5,744,633 95 


>140.033.489 33 



Average Capitnl . . ....■> 8.688,295 .55 

Avera;:o Liabilies 13,129.23 > 3," 

Average Sp<-cie 478"719 70 

.\.veiM-e Loans a. id Discomits. 11,669,4,57 44 

By the foregoing table it will be seen that the 
average amount of the specie held by the banks 
in the State of Conneticut, for the twelve years, 
was $478,7 19, while the average amount of their 
loans to the public, during that period, was 
$11,669,457 — more than twenty-four and one 
third times as much money as the banks had 
specie. The annual interest on $i 1,669,457 was 
$700,167. If they could have loaned only their 
specie, the interest would have amounted to but 
$28,723. The banks gained from the public 
annually, $671,444 above the interest on their 
specie ; and, in twelve years $8,057,328. They 
collected this interest in advance, and made 
their dividends half yearly to their stockhold- 
ers ; therefore, it is proper to compound this 
interest half yearly, which would swell their 
gains to nearly $12,000,000, that is to say, $1,- 



000,000 interest annually. These were actual 
ij^ains. as much realized by these banks as if they 
had produced and sold annually $700,167 worth 
of a<>"ricultural products. 

These banks were chartered with a professed 
specie capital, averau^ing for the the tw^elve 
years, $8,679,962 ; while the average of the 
specie actually held by them was less than one- 
eighteenth part of this sum. How was this 
excess of capital above the average $478,719 in 
specie made up, and was it furnished by the 
stockholders or b)' the public? The specie held 
by these banks, as w^e have said, did not consti- 
tute one eighteeth part of their professed capi- 
tal : hence there must have been other capital 
to make up the seventeen parts we find wan- 
ting, otherv/ise their bank-notes could not have 
been safe; for one thousand dollars' worth of land 
is as good security for the payment of eighteen 
thousand, dollars in money, as one thousand in 
specie for the payment of eighteen thousand 
dollars in bank-notes. But the banks instead 
of eighteen lent over twenty-four dollars for 
each dollar in specie, so that the specie held by 
the banks was but a fraction over four per cent, 
of their loans. The specie was, then, a ver\ 
small item in the security of the bank-notes, 
and was not essential to their safety. If the 
banks in other States have, in proportion to 
their loans, double the specie owned by the 
Conneticut banks, it is no evidence that they 
are more safe, because their safety depends up- 
on four or eight per cent, of specie. No bank- 
notes can be safe money unless secured for their 
full amount. 



33 

Let us see how the specie capital of banks is 
o-enerally made up. Suppose one bank to be 
chartered with a specie capital of $5oo,ooo, all 
paid in, and to lend $75o,ooo for approved in- 
dorsed notes. A second bank is likewise char- 
tered with a capital of $5oo,ooo ; to make up 
which, $400,000 of the notes of the first bank 
and s 100,000 in specie, also drawn from it, are 
paid in. The notes of the first and second 
Ijanks, together with a small sum in specie, form 
the capital of a third ; and thus bank after bank 
is formed, say to the number of eighteen, each 
with a professed specie capital ; while, in reali- 
ty, all of them together own only $5oo,ooo, in 
specie. How is this excess over the $5oo,ooo 
secured ? The loans of the first bank for 
$5oo,noo were secured by the same sum in 
specie ; but when it had lent $2 5o,ooo more, 
the excess was secured by the indorsed notes 
offered by the people for discount. When the 
second bank had discounted $75o,ooo, the two 
banks had under discount a million and a half of 
dollars, one million of which was secured by 
indorsed notes, and but half a million by spe- 
cie. A third, fourth, and finally eighteen banks 
leaving discounted .^75o,ooo each of indorsed 
notes, the aggregate amount would be $13,- 
5oo,ooo, of which *^5oo,ooo would be secured 
by specie, and the sole security for $13,000,000 
would be the indorsed notes held by the banks 
against the public. Some of these discounted 
indorsed notes mi^ht be against stockholders in 
the banks ; but all of them, whether against 
stockholders or others, are secured by the 
property of their drawers and indorsers, and 



34 

not by the capital of the banks. If thirteen out 
out of thirteen and a haU' milHons of dollars, 
are made safe for the public use by these in- 
dorsed notes, evidently the remaining half mil- 
lion could be made safe in the same manner ; 
and we could thus dispense with specie alto- 
^[•ether. if ninety-six per cent, of the money 
is now secured by indorsed promissory notes, 
certainly the other four per cent, can be secured 
by similar means. 

The people furnish the security for the bank- 
notes, and pay the interest, which is the source 
of all the gains of the banks. R. and S, are 
men of property. R. draws his note at six 
months for $10,000, gets S. to indorse it, and 
then has it discounted at bank. If interest be 
at seven per cent., R. will receive only $9,65o 
in bank-notes, and at the maturity of the note 
must pay $10,000 to take it up : the bank thus 
gains 5360 as interest or rent of the bank-notes 
for six months. Under no circumstances would 
the bank discount the note unless it were 
deemed perfect security for the return of the 
money and the payment of the interest. R.'s 
note, indorsed by S., and held by the bank, is 
secured by the property of these men ; and the 
bank-notes secured by the indorsed notes are 
also secured by the same property of R. and S. 
If the bank-notes circulate for six months, R.'s 
indorsed note also secures to the bank the re- 
turn of $360 more than it gave for the note. 

A similar illustration may be made on a more 
extended scale, say on $5, 000, 000 ; about the 
sum kept under discount by some of the larger 
banks in New York. Suppose a bank to dis- 



35 
count notes, drawn and indorsed by various 
individuals in o;ood credit, for $5. 000,000 having- 
(to simplify the process, and bring the gains 
under one item) twelve months to run. It 
would pay to these individuals $4,660,000 in 
bank-notes : and the S35o,ooo deducted as dis- 
count would be clear Qrain, less the labor to 
make and exchange the bank-notes. If the 
public need the $4.65o.ooo to meet their busi- 
ness obligations for the year, the money will 
continue to circulate, and the bank will not be 
called upon to redeem it, during that period. 
At the close of the year, when the indorsed 
notes become due. if the drawers should col- 
lect every dollar oi the bank-notes issued 
$35,000 would still be wanting to pay the bank 
the indorsed notes for $5, 000,000 ; and the peo- 
ple would be dependent on the bank for a fur- 
ther discount of notes to obtain the money due 
as the year's interest. If one bank furnishes 
all the money of the nation, the people would 
be dependent on that one for money to fulfil 
all their obliorations. Increase the number of 
banks to a thousand and the indorsed notes in 
proportion, and the transactions will be more 
numerous and appear more complicated, as 
they actually are ; but it will not alter in the 
least the principles upon which the banks gain 
the interest out of the earnings of the public, 
while the public furnishes all the security nec- 
essary to make the bank-notes safe to circulate 
as money. 

The people furnish double security to make 
the bank-notes safe that they give to each other 
in the ordinary purchase and sale of products. 



36 

The farmer sells his produce to the merchant 
or miller on credit ; the miller sells his flour, 
the wool-oTower his wool, and the manufactu- 
er his goods, mostly on two, four, six, eight, 
ten and twelve month's credit to city merchants, 
who re-sell them on like credits to other city 
or country merchants, and these dispose of 
them chiefly on credit, to farmers, mechanics 
and other consumers. Farmers, mechanics and 
merchants, in ordinary good credit, can buy 
goods on their own responsibility ; and their 
purchases are generally limited only by their 
own discretion. But they cannot take book 
accounts to the banks, and get bank-notes in 
exchange on the responsibility of the man who 
owes the money. Notes offered for discount 
must have only a certain time to run, must be 
drawn by men known to the directors to be 
responsible, and indorsed by one or two others 
in equally good credit. Thus the people do 
give at least double the security to make the 
bank-notes safe to circulate as money that they 
do to secure themselves against loss in the sale 
of the products of their own labor. Yet they 
pay to the banks five or six times more than a 
fair equivalent for the material and labor to 
make and exchange the bank-note for the in- 
dorsed notes; and this is a total loss to the 
producing classes, and a clear gain to the banks. 
We will now estimate the proportion of cap- 
ital stock furnished in specie by the stockhold- 
ers of the banks in the State of New York, 
and the proportion furnished by the balancing 
power of paper against paper. The following 
table, taken from the State Register, shows 



s/ 



o\ th(! State currency, in 1844 and 
based upon specie, and how much 



how niuci" 
1845. was 
was IxAsed upon paper notes 



Capital 
('ireulatioii. 
Vmal Fund 



1 Feb. 1, I Mav 1, Auj>;iist i., Nov. 1. 

I 1844. 1 1874. I 1874. 1 1874. 

. S48,*i49,887 .'«43,462.31tk^:43,44.3,005.S 13,(518,007 

..; 1G,335.401' 18,.3{i5.08l! 18.091324! 20.152.219 

. .! 1.483,8431 1.50(5,167 1,210.794' 1,534,.V)3 



Depo.sit.s ■ 29.()2(),413 3<>.742,289 

Due JJailks... '.•>.7l!)..^)r)4i IG.4. 7.494 



Loans ainl Discoiu! 
Stocks and proiiiiss 

n(»trs 

Specie 

Cash Itein.s 

IJaiik-notes 



ro.tij 



'34|.'$74.r)27,8f)8 



Mie from i^anks 10.267.20? 



11.052,4581 10,362,.330 

20.(186, 42| 9,455.1()1 

4. .".02. 179 5.99f».9.>2 

2.155.1721 3,148.421 



n 7.279 



89, 



.112 



l(i. 102.922 



*75,546,592 

10.648,211 

10.181,974 

4,916,862 

2.511,316 

8.859.328 



30,391,622 
14,431,103 



•¥77,347.718 

10.773.678 
8,968,092 
6,047,528 
2.868.467 
8,767 ,.513 



Feb. 1. 

1875. 

$43,674, 146 

18,513.401' 

1,607,572 

25,976.246 

11,501,10-2 

'•;70,888,57s 

10,244,04;; 

6,893,236 
4,839 ,88f, 
2,387.50s 
7,684.30i-; 



From the fore^^oing" table, it will be perceived 
that th(:i banks were indebted at the above pe- 
riod to the amount of from $101,272,468, up to 
$110,128,104. The average indebtedness, in- 
cluding the refunding of the capital stock to 
the stock-holders, was $106,931,004. The av- 
erage amount of their specie at the different 
periods as above, was $9,1 19,001. Deduct the 
specie from the indebtedness — /. c\, $9,119,001 
from .$106.931,004 — -and we have left $97,812.- 
000, which sum must have been cancelled by 
paper. Our banks have specie enough to re- 
deem only about one-fifth part of their capital. 
The balance of their capital stock, the redemp- 
tion of the bank-notes in circulation, and the 
payment of the deposits, are secured by the 
indorsed notes of the people, binding the prop- 
erty of the drawers and indorsers. Their 
property as much secures the bank-notes, as it 
does their own notes. The bank-notes are 
representatives of the property of the people, 
and not representatives of the property of the 
banks. Not a single dollar of the paper issued 



38 

over and above the actual amount oi specie, is 
secured by their capital stock, because, if none 
of these indorsed notes and bonds of the State 
were ever paid, not a single dollar of the in- 
debtedness of the banks, either for bank-notes 
or deposits, above their actual specie would ev- 
er be paid. The $97.,8 12,003 would be a total 
loss to the holders of the bank-notes, to the 
depositors, and to the stock-holders. 

The interest collected on the indorsed notes 
and State bonds supports the banks, and pays 
all their extravagant expenditures in granite 
buildings, salaries of officers, etc. The)- can 
pay their presidents and cashiers from $3,000 
to $5,000 each, and other expenses, house-rent. 
etc, in proportion, to the amount of $40,000 or 
$5o,ooo yearly. They can also pay to the stock- 
holders from three to five, six or seven per 
cent, in dividends every six months. The banks 
under legislative authority make the public fur- 
nish the capital and then pay interest on this 
capital. But although the industry of the peo- 
ple supports the whole, they have no voice in 
the management. The directors in the banks 
can at any time call upon them to pay off their 
notes and cancel the bank-notes ; and If the) 
fail, the)' are blamed for over-production and 
over- trading. When the banks contract their 
loans rapidly, and distress the people, the direc- 
tors are said to be prudent and judicious man- 
agers. Yet if the people should demand spe- 
cie, the banks could not pay it, unless they 
could collect it out of the Indorsed notes of the 
people. But these indorsed notes were never 
founded upon specie, and could not be paid in 



39 

It. because the drawing and indorsing of the 
notes by the people, and the engraving of the 
bank-notes by the banks, and the exchange of 
the bank-notes for the indorsed notes, do not 
create gold and silver coins to pay either the 
bank-notes or the indorsed notes. There has 
never been a time when the banks could have 
paid specie for a week, for their average depos- 
its are more than three times their whole 
amount of specie. 

The table shows that the average amount of 
the capital of the banks in the State of New 
York, during the period mentioned, was $43,- 
569,591, and their average indebtedness was 
SI 06,93 1 ,004. The difference of these two 
sums is $74,361,413. The annual interest upon 
$73,365,413, at seven per cent., was $4,445,333, 
which the people of the State paid to the stock- 
holders and officers of the banks for furnishing 
bank-notes above the amount of their professed 
specie capital. The people wrote their own 
notes, had them indorsed, and took them to 
the banks to be discounted. The banks en- 
graved their bank-notes, and gave them in ex- 
change for the indorsed notes. For engraving 
these notes and making these exchanges, the 
people of the State paid to the banks annually 
$4,535,333, or as much as the farmers of the 
State receive for four millions four hundred and 
thirty-five thousand three hundred and thirty- 
three bushels of wheat, at one dollar per bushel. 
The labor of producing such an amount of 
wheat was great ; that of the bank-notes was 
small, yet the interest paid on these bank-notes 
would have bought this quantity of wheat. At 



40 

the end of the year the people of tlie State 
returned all the bank-notes to the l)anks, to- 
<Tether with the value of this laro^e amount of 
wheat to pay the year's interest. The same 
amount of interest accrued every year, and 
called for the same amount of their products. 
They sold their products in market, and paid 
the interest to the banks with the proceeds of 
the sales, the same to them as ii they had car- 
ried their wheat and products directly to the 
banks to pay the interest. If the entire capital 
of the banks had been specie, the peoplt would 
have paid the same amount for the use of the 
bank-notes which would have been issued ov- 
er and above the specie. 

The interest yearly paid for the use of 563,- 
361,413, in bank-notes, was a le^al equivalent 
for the four millions four hundred and thirty- 
five thousand three hundred and thirty-three 
bushels of w^heat yearly raised upon a certain 
quantity of land ; and the leo^al value of the 
$63,351,413, in bank-notes, was equal to the 
actual value of the land and labor necessary to 
produce the wheat. The power of the bank- 
notes was an extra balance ag^ainst these pro- 
ducts and the land upon which they were pro- 
duced. If the quantity ot money was at an\ 
time diminished, and the rate of interest in- 
creased, a larger amount of products was re- 
quired to balance the smaller amount o\ money, 
and a larger amount of products to balance the 
interest on the smaller amount of money. Still 
this money must have been used to balance 
products, for it w^as the only public representa- 
tive of value, and must have been employed 



41 

as a substitute for a t(^-nder, in payment of debts. 
The promise of it does not pay specie, nor 
does it alter the iiionopolizing power of the 
interest on tl^e rnone\ over products. 

If our bank-notes are good for the purchase 
of propert}' by the people, certainly they ought 
to be equalh' good for the purchase of proper- 
ty by the banks. Let us reverse tlie relative 
positions of the banks and the people. Sup- 
pose instead of lending their mone}' to the 
people to buy property, the banks sliould bu)' 
property with their bank-notes, and let it out 
to the people. This would put the bank-notes 
into circulation, and the banks would be dit^ 
landlords of the projjert) . instead of being the 
owners and lenders of the money. Let the 
people then call upon the banks for the re- 
demption of the bank-notes m specie, and in 
default of payment sue them ; and if the)' wish 
to borrow bank-notes to save their propert)- 
from sheriffs sale charge them one, two, or 
three per cent, a month for the use of the 
bank-notes. Let the banks try to rent their 
property so as to make the rents pay these 
rates of interest. This would only place the 
stockholders in a position similar to that in 
which the)' now often, though indirectly, place 
the people. It is evident t.^at it would be im- 
possible for them to redeem their bank-notes 
in specie, or to redeem them in any way ex 
cept by selling their property and taking these 
bank notes in payment, as the people now- give 
their notes to the banks and pay the discount, 
and when their notes become due, collect these 
bank-notes together, and take them to the 



42 

banks to redeem their indorsed notes. If the 
banks should buy the property with their bank- 
notes, and their friends should guarantee the 
the property worth the price paid, the proper- 
ty and the g'uarantee would secure the bank- 
notes. It would only place the banks under 
the necessity of cultivating their property, and 
selling tie products to pay the interest. It 
would be as possible to redeem the bank-notes 
wnth specie, under the supposed circumstances, 
as it now is. If the banks were called upon to 
redeem them now, they would crowd the peo- 
ple, and sell their property, and in the sup- 
posed circumstances, the people would crowd 
the banks, and sell their property. In both 
cases the debts must be cancelled by offsetting 
the property against them, for they could not 
be redeemed wath specie. 

It is perfectly obvious that our legislative 
bodies have founded our banking system on 
false pretences — upon promises the banks do 
not even expect to fulfil. The only reason why 
the banks can exist upon such a basis is, that 
the people do not demand the specie for their 
notes and deposits. The government enacts a 
law binding all debtors to make their payments 
in specie, wlien it is perfectly well known that 
specie does not exist in sufficient quantities to 
enable them to fulfil the requirement. More 
than eleven -twelfths of the debts between the 
banks and the people are contracted with a pa 
per balance, and have no referencs to specie. 
Of course, the only means of paying them is 
by balancing one paper note with another. If 
the banks, or the people, or the government. 



43 

sliould in ever)' case enact what the laws re- 
quire, it would be impossible to meet the de- 
mand. If the three should exact specie in 
payment of their obli^J^ations, it would inevita- 
bly bankrupt them all, and almost certainly 
cause starvation in tlie midst of abundance, if 
nut civil war. If the governments of the States 
as well as the General Government should re- 
fuse to take bank-notes in collectincr and dis- 
bursing their revenues, probably the people 
could not pay their duties and taxes. The 
necessary withdrawal of specie to meet these 
engagements would at once cause the banks 
throughout the Union to suspend specie pay- 
ments. The need of money would then com- 
pel the people to petition the legislatures of 
their respective States to sanction this suspen- 
sion, and allow the banks to continue to dis- 
count without paying specie on demand. They 
would, however, still be allowed to charge in- 
terest upon all of the indorsed notes of the 
people received in exchange for the bank-notes, 
which would then be avowedly destitute of any 
basis of specie. 

Can anything be more directl\ opposed to 
every principle of justice, than laws requinng 
the performance of impossibilities ? Laws 
which, if the people should attempt to execute 
them, instead of promoting peace and happi- 
ness, would cause the greatest calamities that 
could possibly befall a nation. It is essential 
to good government that the interest and wel- 
fare of the people should require the execution 
of its laws, and when their violation be- 
comes necessary to the public good, it is 



44 

somethinor radically wrom,^ in the government 
itself. A government should never allow any- 
thing to pass as a substitute for money ; the 
tender itself should be ecjual in amount to the 
wants of business. The law makinof orold and 
silver the only tender in payment of debts is 
well adapted to build up and sustain monarch- 
ical governments, because it most infallibly ac- 
cumulates propert)' m the hands of a few. con- 
stituting aristocracies, which are essential to 
this form of government ; but the same reason 
that qualifies it so admirably tor this purpose, 
renders it incompatible with a government hav- 
ing for its sole object the welfare and happiness 
of the people. 



HOW INTEREST ACCUMULATES. 

Twenty-four years ago a man by the name 
of Walker, in California, borrowed $i,85g, and 
agreed to pay 3 per cent, a month compound 
interest for it, the note being secured by a 
mortgage on land in Santa Clara county. Sub- 
sequently Walker went to Mexico, before the 
note fell due, without paying any interest. On 
his return, a short time since, suit was brought 
to recover the amount, according to agreement. 
The court at San PTancisco rendered a judg- 
ment for $9,492,908, for the use of the $i,85o 
twenty-four years. It is well that Walker got 
a decision now, for if it had continued 24 years 
longer it would have amounted to some over 
two billions, four hundred millions of dollars, 



45 

about the cost of our civil war. When labor 
cannot bear, on an average, even 2 per cent, 
there need be no wonder we have a "smash- 
up " amon^ business-men every ten years. 



RAILROADS NO MONOPOLY. 

Railroad companies are regarded as monop- 
olists by many. This is an erroneous impres 
sion. Railroads have increased our velocity in 
traveling from 6 to 25 miles an hour, at half the 
expense, and are safer t.ian the old stage coach. 
They have in a short time exerted an almost 
miraculous power in developing our Western 
States, and to-day are affording transportation 
at reasonable rates in most parts of the civilzed 
world. Railroads cost money. Usually bonds 
have been issued, drawing from 8 to 10 per 
cent, interest (interest is the trouble,) put upon 
the market and hypothecated. The interest 
and loss on hypothecation to railroad compa- 
nies the people are obliged to pay in tariffs- 
production or labor must bear all shrinkages. 

To-day the indebtedness of railroad compa- 
nies in the United States is $2,489,000,000. If 
the profits on money were in harmony with the 
average profit on labor, viz., two and one-half 
per cent., $i25,ooo,ooo would be saved for the 
people annually. Accumulating interest by the 
money power, and failure of raih'oad companies 
to pay, has been the cause of the sale of some 
road every month in the year. The feeble com- 
panies have been driven to the wall — sold out 



46 

— the best find " hard sledding-/' If the rail- 
road companies economize sufficiently to pay 
all their debts, they are then said to be 
monopolies. Strikes then ensue. The strik- 
ers fail to comprehend the situation. They 
strike the free horse hard at work for his mas- 
ter, while the fat, lazy horses, connected with 
the road by first mortgage bonds, that hold 
back and retard industry, are unnoticed. It 
costs an immense amount to keep up rolling 
stock and the multiplicity of expenses. A prom- 
inent railroad official said to me that, "if we 
take into account the replacement of track, cars 
and many bridges every ten years, railroads in 
the United States do not pay more than two 
and one half per cent." Railroad companies 
promptly pay their help all they are able to. 
When this fact is understood, employees will be 
the friends, instead of enemies, of the roads. 

If the Grange party had struck at the root, 
instead of hae^lino^ at the branches, it would 
have been a power in our land to-day. The in- 
terest of railroad companies and the people are 
identical, and they should work in harmony for 
the interests of both. 

Remember, interest on money is the Devil 
going about seeking whom he may devour. 
Railroad companies, manufacturers, merchants 
and producers, indeed, all doing business on 
borrowed capital, are in a vice which is squeez- 
ing the life out of them in the payment ot un- 
godly interest on money. 

Vanderbilt and a few others may have wat- 
ered railroad stocks and received interest on 
false representations, but as a whole, railroads 



47 
in this country, like individuals in debt, have 
been obliged to economize in order to pay 
pressinor claims. While we do not apologize 
for said corporations, we do believe that when 
the truth shall be understood, there will be no 
more " strikes " on raihoads. When employees 
of manufactuers shall understand that the mon- 
ey power crowding their employers to the walh 
is the cause of aVeduction of wages, there will 
then be sym.pathy, charity and love, instead of 
hatred and " strikes." The great dragon pf 
this world is the money power, controlled by a 
few selfish indivuals. . All producers should join 
hands, saw off his horns, cut off his claws, knock 
out his teeth ; then, and not until then, w\\\ la- 
bor possess and enjoy its normal condition. 



, THE FAT OX. 

Interest takes the fat, lean meat and hide of 
the stall fed ox, leaving the pristle, horns, hoofs 
and tail for the man who reared and fattened 
the animal. 



REBUILT CHICAGO. 

Rebuilt Chicago is to-day on its knees beg- 
ging of the Money King of the East to take its 
buildings, lands and labor to release her from 
obligation of principal and interest. But, no ! 
this bloated and feelingless monarch of money 



48 

says : *' your lots and marble blocks that cost 
$100,000 or $i25,coo will not pay our claim of 
'$50,000. If it will not sell at auction for as 
much as our claim, we will bid it in and hold 
you our labor slaves until you pay the utmost 
farthing." Such is the accumulating- power of 
interest at 10 per cent, semi-annually. Those 
splendid blocks are not the product of money 
but are the product of labor. . Natural law de- 
clares that labor should command money, but 
the law has been reversed. Now money com- 
mands labor. The result is that a majority of 
those who rebuilt Chicago are bankrupt. In- 
terest eats up surplus production ; it devoureth 
another's substance ; it has made a hell' upon 
earth. They say now-a-days that there is no 
hell hereafter. If not, there outrht to be one. 



INDEBTEDNESS OF UNITED STATES. 

Mr. Jones. United States Senator, in an offi- 
cial capacity, estimates the indebtedness of our 
country, public and private, as follows : 

National S 2,(10(1,000,000 

States 890,000,0(^0 

Cities, towns and counties 850,000,000 

Railroads 2,489.000,000 

Canals 105.000.000 

Banks, insurance, individuals, etc.. 13,244.000,000 

Total $19,028,000,000 

The mterest on this sum at 7 per cent per an- 
num will amount to $1,333,360,000, This will 
require the labor annually of 5,454,640 able- 



49 
bodied men. at $25o per year to pay the inter- 
est. Of course this does not include their livings, 
for all slaves must eat while they work for their 
masters. Labor in this country should be cloth- 
ed in the habiliments of mourning. Is it any 
wonder that there is a dead-lock upon industry? 
Gracious God ! " Is there no balm in Gilead ; 
Is there no physician there ?'' Yes ; the bal- 
lot-box can cure the financial ills of this republic. 
Iowa at its last election reduced the hard money 
majority twenty-five thousand, and will at the 
next election have a majority of 30,000 over 
the golden calf. If not, then the Lord hath 
not sworn by us. 



SUICIDE. 



In the " History of Merchants ^^ we find that 
during forty years 99 out of every hundred 
failed in Boston, some of them three or four 
times. These failures were attributed, in a 
majority of cases, to fluctuation in the money 
market. Many of those unfortunate tradesmen 
became reckless, and went into the saloon bus- 
iness. Others turned out gamblers, while s'till 
others, being disheartened and depressed, com- 
mitted suicide. In the same number of years 
95 per cent, failed in Cincinnati, owing to the 
frequent derangments of the finances. Very 
many of these unfortunate merchants jumped 
into the Ohio river and were drowned. Others 
went into the liquor business or steamboating. 
In the last named city the statutes show that 32 



5o 

|3er cent, of suicides in four years were caused 
by business troubles. Physicians at insane as- 
ylums inform us that a large proportion of the 
insane males were made so by the loss of prop- 
erty, caused, no doubt, by this infernal interest 
on money. Facts show that the *' stino- " ot 
interest has made more men insane, intemper- 
ate and vicious than any other one thing. 



• : SOLID MEN. 

When Bunyan's pilgrim was on his way to 
Mount Zion, he passed a city, in the suburbs of 
which he met three solid men, Capitalist, Brok- 
er and Banker, who inquired of the young 
man where he was going. He replied : " I am 
going to the Celestial City." " So are we. by 
and by, but w^e are going first to a silv^er mine, 
where the ore is rich and plenty. Come, you 
look like an honest, enterprising young man, 

and o^o with us to the mine and q-qi some of the 

. . . 

good of this world, and enjoy life. The pil- 
grim was tempted, but had sufficient fortitude 
to coutinue the straight and narrow road that 
leads to Heaven. The three solid men went 
down in the silver mine and were never heard 
of afterward. Thus we have proof that "It is 
as hard for a rich man to enter into the King- 
dom of Heaven as for a camel to go through 
the eye of a needle." Some of the wealthy 
make good use of their money ; never oppress 
by taking usury, but we fear, by reading the 
the great good book, that a majority of the solid 



5i 

men worship a god of gold, and when weighed 
in the balance will be found of " light weight," 
and wanting in every quality to enjoy a celes- 
tial life. 



WARNING TO "STRIKERS." 

Millions of good men in this nation sympa 
thise with the oppressed, but who will not coun- 
tenance the distruction of property. The dis- 
tressed can bring this strong moral force to theii" 
aid, provided moral means (ballots, not bullets) 
are used, instead of physical force. When force 
is used to take or destroy the property of oth- 
ers, it will not only bring sure and just punish- 
ment upon the offending parties, but will put off 
the time of their relief. We warn all such im- 
pv2ident men to desist from any illegal course. 
Don't study, plan or devise any course. whereby 
property shall be distroyed, but study and laboi 
to bring about a strong moral force at the bal- 
lot-box, which will secure just and equitable 
laws that will give industry an equal chance on 
the Columbian race-course. Strikers and com- 
munists, do right and you may depend upon it, 
a better day is coming. 



MORTGAGES ON CHURCHES. 

To turn over to the Lord a church edifice, 
upon which avarice has a mortgage, is not only 
unchristian but too mean for anyone professing 



:)2 

godliness. No church should be dedicated to 
God, while the virus of the serpent is biting 
each member thereof. The demoralizing influ- 
ence of mortgages and interest unpon too 
many churches in our land is crushing out the 
true spirit of Christ. The tendency is to make 
christian people dishonest, as shown in a prayer, 
published in the North West em Christian Ad- 
vocate, Nov. 6, as follows : 

** O Lord, acccept our offering on this day, 
we pray thee. We have built thee a big house. 
It has cost one hundred thousand dollars ; that 
is about thirty thousand dollars in cash, and 
seventy thousand dollars in debts, mostly mort- 
gage. To-day we dedicate both to thy use. 
But we would like to have thee take especial 
care of the mortgage, and not suffer it to trr- 
ment, when it falls due. us who have so zeal- 
ously labored to make it as large as possible. 
We realize, of course, that among ourselves we 
do not do business on that basis, accepting a 
gift of one dollar for the pleasure of paying- two 
or three more to save the one. But then we 
feel that it is safe to ask thee to do that which 
is not safe for us to attempt. The thirty thous- 
and dollars is all we could scrape together, un- 
less we went without those new phaetons, vel- 
vet carpers, etc., which we had to have, or let 
the wicked of this world surpass thy people in 
the parlor or on the pavement. But we would 
not like to have thee think us paupers. Most 
of us are making comfortable livings and some- 
tiling for steady investment ; and two dozen of 
us, by clubbing together, could easily raise the 
entire debt in a day. However, the blessings 



53 
of sacrifice in thy cause we could not monopo- 
lize, but share with such as may come later into 
the fold. Thus moved, we leave to them and 
the multitude present to-da)' the seventy thou- 
sand dollar opportunit)' to take stock in thy 
house. We shall endeavor to pay the interest 
on this debt until thou shalt persuade other men 
to pay the principal. 

"Our wants in religion are greater than those 
of our fathers. They worshiped in much cheap- 
er temples ; but they were a simple folk, and 
easy led. We are a larger race of people ; our 
minds are broader. And, therefore, greater tern 
\)\t splendor is needed to draw us from home on 
Sunday. Our fathers had no Sunday papers, 
few magazines, many couldn't read anyway, and 
few had any taste. We know the church-attend- 
ing people of this city could have found room 
without this gorgeous structure. But then, 
some of the good brethren owned a number of 

lots in this neig-hborhood ; also, the church 

had a fine edifice, and we couldn't bear to be 
outdone by it ;we preferred to make our fresco- 
ing a little the richest in town, and our spire a 
h"ttle the tallest, although we did have to put a 
mortgage under to lift it. We are proud of 
til is pile of stone and timber. Indeed, pride has 
had a 'arge hand in its architecture ; the mort- 
gage overs more pride than necessity. But it 
quickens us to see strangers look admiringly up 
to this structure and applaud it as 'a magnifi- 
cent church ; about the finest in the city ; very, 
wealthy congregation and popular preacher ; 
fashionable resort.' Such public notice is very 
gratifying to us, and we hope that thou, O Lord, 



cloth catch some of the drippincrsfrom our great 
o-lory.'' 

"Now. Lord, we are going to press this dear 
congregation for subscriptions toward this 
church debt. We have got a large number of 
innocent ones in here, church members and 
folks of the world. True, their consent was not 
asked to the building of this church. It seldom 
is. Contractinig great debts belongs of right 
to the few. The multitude's opportunity is 
pay-day. Nothing shall cheat tlie poor man ot 
a blessed privilege of contributing toward his 
house of worship by paying the debt his official 
board in its superior wisdom has contracted. 
We trust that the hearts of all may be moved 
to give liberally, and thus come up to thy help 
against the migiity mortgage we now dedicate 
to thee. We want the money of those men 
who would be ashamed to give less than others. 
Therefore it has been arranged that Brothers 
Jones and Smith and Perkins shall act as stool- 
pigeons at this tim(.% to entrap men who would 
give but meanly if they gave only what they 
wanted to. The brethren named v^all start the 
good work of subscribing with $i,ooo each on 
])aper, though the right-hand cipher may suc- 
cumb to wear and tear before collection day, 
but this day's object is to be attained in no other 
way. We don't exact)}' approve the trick, but 
we trust that thou wilt excuse the means in view 
of the end. We leave the matter in thy hands 
hopefully.''' 



55 
"TINKERING" THE FINANCES. 

The Hard- Shells don't want the people to 
"tinker" with the finances : They of divine 
right can do all the "tinkering.'' The truth is, 
the people need exactly the opposite of what 
the money power wants. The Hard-Shells 
want contraction-the cause of wheat, corn, pork, 
and cotton selling now 20 per cent, lower than 
in i860 : the people need expansion. The 
Hard- Shells want a gold and silver basis, upon 
which so many banks have failed, and carried 
millions to their financial graves : the people 
need honest fiat money. The Hard-Shells want 
a few rascals to manipulate the currency : the 
people want honest Uncle Sam for Banker. 
The Hard-Shells want Exorbitant rates of in- 
terest, which are now crushino- out the indus- 
tries of the nation : the people want to pay 
Uocle Sam a reasonable rate of interest, that 
will benefit both borrower and lender. The 
Hard- Shells want to build up an aristocrac)- : 
the people want a financial s\stem that will 
distribute property to whom it belongs. Satan 
is on the side of the Haid-Shells. God is on 
the side of the people. It is easy to determine 
which will triumph. 



THE "LILIES." 

The garm^ents of the "lilies" ol land, "who 
toil not, neither do they spin," are died in the 
innocent blood of labor It is said man is 
arbiter of his own fortune. It is impossible for 



56 

man to be the "arbiter of his own fortune" until 
we i^et'a just and equitable monetary system. 
Men cannot do business without capital. Our 
laws are such, money cannot be obtained 
without ungodly interest. Business men miorht 
as well giv^e up the ghost first as last. 



HOW TO KILL SATAN. 

If you want to kill the devil loan him money, 
on long time at lo per cent, compound semi- 
annually, on a cast steel mortgage with usual 
conditions, to pay costs and lawyers' fees, and 
confess judgment in case of non-payment of 
interest, and his demise will only be matter of 
time. But there is one difficulty m the way. 
Money lenders will not now take his satanic 
majesty's security, consequently Old Beelzebul) 
will continue for a season. 



INTEREST DEATHTOOUR REPUBLIC. 



Money 


at 


o 


Money 


at 


-> 



Money 


at 


4 


Money 


at 


5 


Money 


at 


6 


Money 


at 


7 


NToney 


at 


8 


Money 


at 


9 


Mone\' 


at 


r^ 



per cent, doubl 



es 



\n 


23 
17 
14 
1 1 
10 

9 

8 

7 


years 



Nintteen thousand inillion dollars at 6 pt^r 
cent, interest anually is bleedino- the American 
people. As the total wealth of the United 
States is but about thirty thousand million dol- 
lars, in 1 8 years Shylock will have received an 
amount equivalent to the whole value of our 
iTovernment. Fiat paper money is our only 
savior. With this money the people by hard 
labor may pay the interest. Without it our 
land will become a nation of paupers and slaves. 



LIFE AN IRREPRESSIBLE CONFLICT. 

From tables of life insurance companies it 
appears that 36 years is the average of human 
life in the United States. Each person, by judg- 
ing of his own troubles and difficulties, can 
make a feeble estimate of the irrepressible con- 
flict of life in our nation. Misery is antagonistic 
to happiness. To avoid misery should be the 
study of all. As- all increase of substance to 
sustain life comes from labor, all either with 
liands or head should add their quota to the 
common stock of wealth. .As money does not 
possess any accumulating power, governmtMU 
does an injury to itself by enacting laws which 
sanction the right of money to accumulate. It 
builds up an idle class of nobility whose only 
study is to rob labor of its superior production. 
Money is a tremendous power tor good or evil. 
Statesmen, who can wipe away the tears of the 
oppressed, should understand that those who 
produce the money of the nation, have a na- 



58 

tural rio^ht to control that power. The people 
will probably soon demand that their servants 
in Congress stop ''tinkering'' the finances for 
the benefit of the money power, but that the 
government shall assume the banking interest 
of the nation. The ei'eat conflict of the house 
is the Money Power against the People. 



GOLD AS A BASIS A FRAUD. 

The institution of money possesses four qual- 
ities, viz., measurement of values, representa- 
tion of values, exchange of values, and a reas- 
onable accumulation of values, as a necessity. 
As expense attaches to a circulating medium, 
the nation should charo-e a reasonable rate of 
interest to sustain the government, and then 
distribute the profits to the people who by labor 
produce the increase. The four powers of mon- 
ey we shall probably discuss at length in another 
book. No national power inheres to mineral or 
paper to make them money, for they do not 
sustan life, as they only represent the value of 
human necessities. If mineral or paper repre- 
sent the four qualities above named, law may 
declare it money, and it will be mone^ It will 
pay all debts and purchase substances 

The kind of material that possess • no in- 
trinsic value, and is most convenient, the gov- 
ernment should select, put its stamp upon it, 
and use it as money. If the material possesses 
intrinsic value, it is a commodity, and is subject 
to the laws of supply and demand, like all other 



.^9 

inc^rchandise. If the material be leather, we 
cannot use what bears the orovernment stamp 
to protect our feet ; if it is wheat, we cannot 
eat it ; it it is woolen cloth, we must substitute 
cotton, linen or something- else with which to 
protect our bodies ; if it be gold, so much there- 
of is taken from the natural chanwel of merchan- 
dise. Therefore, money in and of itself should 
not possess any intrinsic value, but should be 
hat })aper, and rest for security upon the soil, 
oold, silver and everythin^i else intrinsic in the 
nation. This is the only natural and solid foun- 
dation upon which money can be permanently 
based. Nature never declared that gold should 
be money ; if so it would have produced enough 
for the purposes of money. If used as money, 
nature has provided just enough to build up an 
aristocracy to the few, at the t^xpense of the 
many. 

The population of. those countries that use 
gold alone is 180,000,000 ; those that use silver, 
877,000,000 ; those that use both silver and 
gold, 133,000,000. 

Jewett, a hard-shell author, says that the 
amount of gold coin in the world, in 1875, was 
^[.972.500,000 ; that of silver coin. $1,800,000,- 
000. Total, 53,772.5000,000. The amount ot 
paper money was $3,886,000,000. The excess 
of paper money was $113,500,000. This does 
not include drafts, checks, orders and immeas- 
urable paper balances. Now, what is the mon- 
<r:y of the world ? Paper money, based 
upon productive property that sustains life, is a 
reality. Money based upon a dead thing, that 
does not increase and does not possess any vi- 



6o 

tal force or power of accumulation, Is a fraud. 
If )'ou borrow ^^old and pay interest thereon, 
vou must give productive security (gold requires 
it) or security that comes from production. If 
government bonds are pledged, they are based 
upon the property of the nation ; if" by endors- 
ers, their soundness was derived from produc- 
tion, or Mother Earth. All that is sound comes 
from the soil, because it sustains life, the object 
of toil. The object of life is to faciliate the ex- 
change of barter, also to represent the value of 
the same. Mone)' based upon this source, the 
real value and wealth of the globe, rests upon 
the parent of all things intrinsic, natural security 
furnished by the Deity, on which the human 
race may base their paper medium of exchange. 
Hence, England. France and the United States 
have been obliged to issue paper mone}- when 
in distress, based upon the credit of the nation. 
Gold, so far as answering the purposes of mon- 
ey is a failure, for there is not enouofh of it to 
redeem the paper based upon it. The Bank of 
England was based upon gold or specie. It 
issued paper based upon coin ; some say that 
the Bank issued one hundred pounds to one in 
specie. We do not know^ but sufhce it to 
say that a run was made on the Bank, and on 
the 25th day of February, 1797. the Privy Coun- 
cil required the directors to forbear paying any 
cash until Parliament should direct ways and 
means. Parliament required the directors to con 
tinue the business of the Bank by issuing paper 
and to redeem said paj)er when it shall be con- 
venient and necessary. The Bank suspended 
specie payment and issued the following circular: 



6i 

• Hank of England. February 27. 17U7. 
1 cuti!<e(jueiic(' wf tiie order ot His Majesty's privy council 
Notified to the Bank last night, a copy is herewith annexed, 
riie government and Deputy Governor and Directors of the 
l^ank of England, rliink it their duty to inform the pro- 
piietors and stockholders, as wiill tis the public at large, that 
tiie general concerns dfthe bank are in a most affluent and 
prosperous condition, and such as to preclude every doubt 
as to the security of its notes. The directors mean to con- 
tinue their usual discounts for the accommodation of com- 
mercial interests, |)aying in bank notes, and the dividend war- 
rants will be paid in the same way. 

Fkancis Martin, Secretary." 

John Bull well knew how to assume a bold 
front of " affluence and jjiosperity " when he 
could not red'^em his pledg-es. The bank 
suspended specie payment for 2 1 years. Du- 
ring that period it issued all the paper curren- 
cy needed for the business of the country, and 
claimed that its paper was based upon coin, 
when in fact it was based upon the credit of 
the nation. Manufacturers were more prosper- 
ous during that 2 1 years than any fifty years 
before or after that period. Commerce took a 
tremendous stride ; thousands and thousands 
were encraij^ed in building ships, until Eng- 
land became mistress of the seas, which posi- 
tion she has since held and probably will hold 
unti' our government issues fiat money. Then 
the United States will l>ecome master of the 
waters of our globe. Now this is just what 
we want — the government to issue, upon the 
credit of the nation, all the paper needed for 
business purposes, loan the same on long time, 
the rates of interest not to exceed three per 
cent. This accomplished, our manufacturers can 
compete witli any nation on the earth. Hav- 



62 

ing the raw material, cheap food, the best of 
machinery and skilled workmen, the Unite] 
States could beat the world. Our ships would 
double their capacity in five years. Then will 
the United States become the commercial cen- 
ter of the world. Plenty of m.oney, with low 
and uniform interest, our republic would soon 
be the most successful, the strongest and most 
desirable for a home of any, if not all other 
orovernments upon the earth. Fiut we must 
stick to the text, gold and silver basis a fraud. 
We have bank commissioner's reports of near- 
ly all the States before the civil war. From 
these reports it appears that the banks, on an 
average, never had one twentieth part of coin 
to redeem the bank bills put in circulation ; 
hence, the subsequent failures and terrible loss 
to bill holders. True, now and then one would 
demand gold or silver for his bank notes, but 
forty-nine out of fifty were satisfied ; indeed, 
preferred paper. If the people had at any 
time required the banks to pay specie, they 
would, almost every one of them, have "bust- 
^:d." Suppose those who borrowed of the 
bank had represented that :heir securities were 
'^ound, and it proved to be a falsehood, they 
would have subjected themselves to criminal 
suits, for obtaining money under false pre- 
tences. But the banks can cheat the people 
by misrepresentation, and when exposed go 
unpunished. Is it right for banks to claim that 
they will redeem their bills when it is not 
in their power to fulfill these promises when 
put to the test ? Who knows the number 
of banks that turned out " stump tail '' or 



63 

' red and vhIIow dog?" Who can estimab: 
the enorniovi-, amount lost by the people 
through these pompous specie paying banks? 
Eternity alone can reveal the trouble, anguish 
and distress to millions who toiled, caused by 
fraudulent specie paying banks. In 1836 the 
the banks in Boston ifailed for thirteen mil 
lions. The loss fell principally upon the la- 
boring classes. The owners of the banks, in 
their palaces, go unpunished. 

In 1837 the fraud of specie paying banks 
became more prominent. Eight or ten banks 
in New York city concluded to suspend ; the 
banks in this country and Canada followed. 
Millions of these bills carried on their face. 
•* This bank promises to pay the bearer or or- 
der on demand five or ten dollars.'' In 1880 
the general banking law in Michigan created 
banks that Hooded the State with their money 
and in a few months collapsed, and distressed 
the people to the tune of $ 1 5 ,000;000. What 
a damnable fraud ! The toiling millions have to 
grin, suffer and bear it all. Are the people 
blind, or under- witted ? We have had expe- 
rience enough to get our eyes open. The truth 
is. no banking system can be permanently es- 
tablished that promises lo redeem in specie. 
The national b.mks to-da\ are the best we ever 
had. They are generally sound because found 
ed uj)on the (principle we advocate, viz. the 
credit of the nation. This point we regard a.s 
proven. In another article wi^ shall show that 
the government should do all banking and 
loan at two and one half or three per cent. 
This accomplished, we shall have a safe and 



64 

equitable monetary system. But to the ques- 
tion, gold and silver a fraud. How many thous- 
ands of hanks that secured the deposits of the 
people, represented to the bank commissioners 
( borrowed of their neighbors and returned the^ 
same before the call of the commission) showed^ 
more specie in the vaults than belonged to 
them. By this trick they were reported sound. 
The people had confidence and made their de- 
posits until hard times compelled the banks to 
close their doors and hnalh pay off depositors 
from lo to 80 cents on the dollar. How many 
banks robbed theniselves forsooth, claimed to 
have lost heavily, or all. in order to swindle 
depositors? It is not uncommon for banks to 
have their pimps, and although they have the 
people's money on deposit, are often "hard up- 
money close." But John Smith, their stool pig- 
eon, is loaning for Eastern parties. Uncle John 
looks very w^ise and says money is very scarce, 
a party East wants him to loan for them. As he 
will be to some trouble, he must have 10 per 
cent or 5 per cent, as tiie case may be. for get- 
ting the money, i. e,. will let the humble supp- 
cant have $9CO for a term of years, at 10 per 
cent semi-annually, provided he gives his note 
for $1,000 with gilt-edge security, or will shave 
L;;ood notes if well secured. It does seem as it 
the dear people like to be bulldozed. 

From the bank commissioners' report, shown 
in the tables of treasurer, of the banks in New 
York City 1844 and 45, we find the average in- 
debtedness $106,931,004; average specie. $9,- 
1 19.001. Now deduct specie and a balance of 
$97,81 2,003, which was canceled by paper. Right 



65 
ht'Vi::, it will be seen, a bio- screw was loose. 

o. . 

I^fty "saints'' in Wall street could have collected 
a large proportion of the banks bills and de- 
manded s'pecie of the banks. This woufd have 
forced the banks to suspend and sell their state 
bonds at a discount of'irom i5 to 40 cts. on the 
dollar to get gold. Those "saints'' would have 
made a ♦fine speculation in buying the bonds 
with their gold. This would have created a 
panic, disturbed all business relations and plung- 
ed again the people into hot w^ater. This has 
been done, and will be as long as the absurdity 
shall obtain that gold and silver shall be a basis 
of a paper currency. 

Now, can the $3,772,500,000, of coin in the 
world represents the $19,048,000,000 of indeb- 
tedness of the people of the United States ? As 
paper money must represent indebtedness it 
should rest upon the wealth of the nation. As 
labor is capital, pays all debts, produces the in- 
crease, and as money is not capital, but simply 
represents capital, labor should have honest 
money, and would have if Uncle Sam should deal 
it out. Why is money called "capital'? It does 
Tiot produce increase or accomplish anything. 
It represents labor that accomplishes all things. 
Money does not add wealth to wealth any more 
than other 7neas2ircs. The measure does not 
add to the wheat, neither do weights add to 
coffee or tea. It is labor that makes money in- 
crease. iMoney. a commodity, absorbs seven- 
eights of surplus production. What would you 
think of a half bushel that. takes 7 bushels out 
of 8 for measuring the same? Our monetary 
system backed up by the laws of the land, and 



66 

Sherman's army to protect said laws, is the most 
bare-faced fraud ever perpetrated in civihzed 
society. In his "wealth of nations" Adam Smith, 
the great political economist says: "Labor it 
must always be remembered and not any par- 
ticular commodity or set of commodities is the 
real measure of the value of both silver and 
jrold and all other commodistes." On this point 
the Chicago Telegraph, Oct. 2, hits the nail on 
the head. 

"With labor the standard of value, and dollars 
simply the standard measurement of values, the 
people will little care whether the yard -stick ot 
measurement is paper, silver, or gold. In enlight- 
ened countries the object and use of money is 
not to represent the value intrinsically. but simply 
to effect the exchange of products. Whether 
the money be bread tickets, or barber tickets, 
greenbacks or blackbacks, silver or gold ; if the 
products are exchanged, the object is accom.- 
plished for which money is created. Wealth 
represents the vast accumulations of labor. So 
much labor produces so much gold, or so much 
wheat. Ship both to England, and the wheat 
and the gold are alike vveighed on a scale and 
purchased at a price fixed by the God ot the uni- 
verse, according to the l.iw of supply and 



Of 



mand.'' 

Untrammeled by this ariificc that reco^.'^nizes 
only the labor represented by so much gold, 
and ignores the labor represented by so mucn 
wheat, this grt-at law of sup>ply and demand, 
directed by the wisdom of Jehovah, would 
neither rob the poor man of his hire, nor the 
rich man of his wealth. 



67 
With a nation, according to the latest esti- 
mates, worth the labor requisite to produce in 
gold, seventy- five billion dollars, the proposition 
known as resumption now is to adjust our mon- 
etary system on a basis which recognizes the 
labor only which is necessary to produce, and 
dig out of the earth one hundred and fifty mil- 
lion dollars in gold. In other words, the pro- 
position is to give the gold digger only the royal 
privilege of coining the products of his labor 
into money — while the coal digger, the lead 
digger, the iron digger, and the potato digger 
are no more to be allowed to coin their labor 
into money. But the National Greenback- 
Labor Party, like a plumed knight, like a mailed 
warrior, springs to the rescue of laboi robbed of 
its divine prerogative of equal rights and equal 
laws, and says to the coal digger, the lead dig- 
ger, the iron digger, the potato digger, and all 
men who dig with muscle or brain from boun- 
teous nature the products of wealth. "Go, free- 
man as you are, brothers in the common family 
of humanity. Go, demand of the treasurer of 
your common country that he coin also the pro- 
ducts ot your labor, and print it upon paper and 
name it a greenback, and declare it a legal ten- 
der for the payment of all debts both public and 
private hereafter to be contracted, .^nd let this 
greenback, the joint obligation of all, with all. 
bearing no interest, taxing no industry, be the 
bond of our unity as a nation ; the symbol of 
gold labor, the coal labor, and hand labor, and 
brain labor, coined into money, attesting the 
death of that barbarism which hid in the earth 
its *'one" talent of gold and the life and the ac- 



6S 

tuality of that Christianit\- of iaith in tlu; labor, 
the honest common patriotism ot all. which ren- 
ders "two other" and "five oth^er talents of 
plenty of happiness, of intellectual and material 
j)ro^Tess to the master — the Ciod and kee|)er ot 
us on the day of reckoning". And who doubts 
that freedom and greenbacks, inseparably con- 
nected andfast bound up in fortune and by fate 
with the destiny of our republic — that arose 
like incense of blessings fVom the alter ot our 
country, drenched wMth fratt^rnal blood and frat- 
ricidal gore — will, when righth' presented and 
properly guarded, secure to our nation from the 
King of the universe the grand applaudit : 
"Well done thou crood and faithful servant, thou 
hast been faithful over few thmgs, I will maki^ 
thee ruler over many things." 

And the sails of vdiir (•(nijincrc'r 

Shall stiul evcrry sea, 
A?id the horn ot .My hoiuity 

Shall b« turned out on thee : 
While the steps of thy mansions 

Like those ot old Job. 
"Shall run down with butter" 

And feed the whold < I lobe ; 
While the wheel of thy industries 

Shallirandlv turn rountl. 
As tiee<b.ni :iim'1 plenty 

And (Irfciibacks al>oiuid. 



69 

CLINTON COUNTY, IOWA. 

Our county officials inform us that two-thirds 
of the real estate in this county is mortgaged, 
and that chattel mortgages are being recorded 
fearfully by the farmers, to pay the interest. 
Now, let us candidl}' examine the state of affairs 
in our county. The assessed value (i). ol the 
real estate in Clinton county is $6,145,442. Tliis 
amount would make the real or supposed value 
$18,436,326. Two- thirds of this amount, $12,- 
290,884, is covered b)' mortgage. The exact 
amount we cannot give, but will approximate 
with a margin against us. It is believed that 
in very many instances the property is mort- 
gaged for one-half or two- thirds of its value. 
But, suppose we assume that the average is 
one-third of its value ; this will give us ^$4,096,- 
961. In seven years at 10 per cent., com- 
pound, it will amount to $8,193,922. In four- 
teen years, $16,387,844. In twenty-one years. 
$32,775,6^8^ and in forty-nine years it will 
amount to $524,41 1,138, when the assessed val- 
ue of the whole State of Iowa, real and per- 
sonal, in 1877, was only $404,000,000. No 
wonder the farmers grunt at ten percent., com- 
pound. The deplorable condition of the farm- 
ers in this, w^ill apply to every other county in 
the north-west. If contraction continues, which 
the money power demand, farmers will very 
soon be obliged to mortgage their household 
furniture and tools to pay the interest. 

Before the war, in 1859, the recorder of this 
county told us that about seven-eights of the 
farms in the county were mortgaged, and in all 
probability a majority would be obliged to give 



70 

up their farms. Fortunately for them, a civil 
war of tremendous proportions loomed up. Ne- 
cessity, as usual, forced the nation to expand — 
issue plenty of money based on the wealth of 
the nation. Our aoricultural and manuacturin;^^ 
interests took fresh courage, all hands were pro- 
ducing wealth. Remember, surplus production 
is wealth, not money. After the war, in r866. 
the recorder of this county told us that nearly 
all of the mortgages on farms had been paid. 
The farmers rightfully seemed lords of the coun- 
try, many of whom, being out of debt, and 
having toiled hard, began to expend money for 
some of the luxuries of Hie. 

The next thing we hear from the money 
power is " contraction, '"* which means death. 
We must get back to the ( old fraud) specie 
basis. We began to contract, and now^ what is 
the result ? During the war lOO pounds of pork 
brought $10. Now it takes three or four hun- 
dred pounds to bring the same amount. As 
usual contraction cheapens production and la- 
bor. This always injures the producer and ben- 
efits the money loaner. Those farmers who got 
out of debt of right began to improve their 
homes and secure some of the comforts of life. 
This required money, and they borrowed, b\ 
contraction; they find that after paying taxes, 
their help. etc.. they cannot sell their product- 
ions to pay the interest. Hence the piling on 
of chattel mortgages. The hard shells, who ad- 
vocate the gold and silver fraud, say that the 
farmers have been extravagant, that they have 
purchased costly farm machinery, pianos and 
organs, and have run in debt, and now cannot 



71 

|.a\- the interest. Gracious God! If there is 
an)one on earth who needs to make liome in- 
\ itinor it is the farmers. " All work and no play 
niakes Jack a dull 1)0\." The monotony of a 
farmer's life needs somethinor to make home 
cheerful. The money loaner. who never }3ro- 
duces a thin^- to benefit society, can live in his 
mansion, have pianos, organs, fast horses, and 
everything- his heart desireth. Why this great 
disparit)' between producers and non-produc- 
ers ? It is owing to contraction and high rates 
ot interest. Now nearly all farm products are 
ten percent lower than in i860. If contraction 
and the old monetary system shall continue, a 
majority in this country had better give up 
tlieir farms than contemplate living slaves. A 
monetarx- s)'stem that robs producers and sup- 
ports non-producers in luxury, is unjust and 
devilish. This system vvas introduced by the 
Prince of darkness, lor the good book says. 
*' Ever} man should eat, drink, and enjov the 
good of all his labor, it is the gift of God." If 
the larms rnortgageij in this county were to be 
sold tomorrow who could bu)' them ? The mon- 
e\- power. What would they give ? They would 
])robably give less than their claim, to hold 
the labor of their victims, perhaps for life. He 
who borrows money of loaners under our pres- 
ent monetary -system, which is a necessity in 
order to do business, steps into a spider^s web, 
to be bled by feelingless spiders. Are the big 
spiders to blame for being smart and geting all 
laws in their favor ? We say No. The blame 
rests upon the producers themselves, who per- 
mitted the enactment of laws to oppress the 



72 

sons of toil. In two years, if the people do 
their duty at the ballot box. an equitable finan- 
cial system can be inau^rurated that will equal- 
ly distribute property. The following question 
should be discussed in every lyceum and around 
every hearth in our land : ''Resolved, That in- 
terest on money is the cause ot moer misery 
than any other evil on earth." 



''FIAT" MONEY. 

What does ' Fiat " mean ? Webster defines 
it " let it be done ; a decree ; a command to do 
something." All money — gold, silver, paper or 
copper, is fiat. A decree by the nation makes 
money, whether paper or gold, fiat. The mon- 
ey monarchsof the world declare that the in- 
trinsic value of the gold fiat is the true money 
of nations. The people declare that the paper 
hat, based upon the credit of the nation, viz., 
the soil, orold. silver, and all other thino^s in- 
trinsic, is the honest money of the world. A 
war between Gog and Magog, the gold fiat vs., 
the People, or paper fiat, will become universal 
all over the civilized world. So far as answer- 
ing the real purpose of money, we declare the 
gold fiat a fraud. During the 406 years of pros- 
perity in Venice its paper money was fiat, for 
the government so decreed. During England's 
greatest prosperity, from 1707 to 1820, neces- 
sity required Parliament to declare that the 
paper fiat take the place of the defunct specie 
hat. Durine the French revolution in 1848, as 



usual In time ol trouble, the specie fiat gave 
out. The government took the matter in hand 
and decrer^d that the Bank of France issue an 
increased volume of paper fiat money, which 
kept up the industries of the nation. Both Eng- 
land and France suffered in their industries 
when they returned to the gold fiat. Flistory 
repeats : In 1870-71, when France was wofuU 
]y defeated by Germany, the government was 
compelled to suspend the gold fiat, and rely on 
the true and national paper fiat. The increase 
of circulation was hundreds of millions of francs. 
To-day her finances are better than those of 
either Germany, England, or the United States. 
During our civil war the specie fiat could not 
be relied on ; but the o-overnment was forced 
to issue paper fiat, and with It we whipped the 
South and saved the Union, God bless the pa- 
peper fiat money ! We need It now, for our in- 
dustries are languishing. But it seems the fiat 
ot Wall street is strong^er than the fiat of Con- 
gress. The onward march of time will surely 
prove that the paper fiat will be omnipotent. 



OLD BEELZEBUB. 

It was not enough for the serpent to tempt 
Lady Eve to partake of the forbidden fruit, 
which justice required God's fiat : *Tn the 
sweat of thy face shalt thou eat bread,'' But 
to increase mans' misery, Old Beelzebub whis- 
pered in the ear of the Jews, selfishness, (that 
Is the trouble in this world,) to rob labor of its 



74 
fruits, by collectinor the certificates of |)roduc- 
tion, and charo-ing- interest on an indespensable 
tool of toil. To make the grip more sure, offi- 
cials of the government were bribed to mak • 
interest legal. Old Beelzebub, prince of devils. 
beats the world. Producers, remember the bal- 
lot box, if you would enjoy your owm and be 
happy. 



HEARTS-GIZZARDS, 

The mone}' loaners of Clinton count) . Iowa, 
are o^entlemen. whom we seldom hear of overt 
acts, (beyond what is legal.) in crushing the 
producing power of the count)-, but this is an 
exception to tlie rule. There is no business on 
earth so admirabl)' calculated to transfer natur- 
al hearts for stoney gizzards, as the loaning of 
money. Wrong on the start accumulates wrong 
on the journe)'. Hence, mone)- loaners become 
brazen faced, and have no sympath) or inercy. 
The only question with them is : '^What can I 
make out of my fellow man by loaning him 
money ?'' The shaving of good paper, drawing 
the legal interest, especially mortgages, from 
ro. 20, 30, 40, and even 5o per cent., from the 
man whose necessities require money to trans- 
act business, is worse than highway robbery. No 
wonder so many of our business men fail, and 
become demoralized. These money loaners 
have no respect for any body, except those who 
have property, trom which they can suck blood. 
The "lame ducks," that were once somebody. 



75 

are now nit^re doi^s in the community. This 
vast army of "doj^s" will set up a howl, bye 
and bye. that will terrify Shy lock. He may wish 
he had never been born. The poor, ignorant 
boys, educated on the street, consequent upon 
the present state of affairs, covet glory in wip- 
ing out this bloated arristocracy. It is a necessity. 
We hope that it may be accomplished at the 
ballot box. and for this we shall labor. Remem- 
ber, moral means, not physical force. 



USURY THE ROOT OF ALL EVIL. 

In brief, the historian informs us that the Jews 
vi'ere first to violate God's law in reference to 
usury. We mean the taking of money for the 
use of money. While they were forbidden to 
take usur)' from their own people, they did oc- 
casionally from strangers. The laws of the 
Saxon and Norman kings confiscated the prop- 
erty of those who took usury. Usury was then 
'defined : "To lend money in the hope of gain.' 
This natural and Divine law was inforced un- 
til the reign of Henry the VIII, in i530. About 
this time certain wealthy Jews made England, 
especially London, their centre of operations. 
Subsequently John Calvin, the great scholar 
and reformer, who exerted an influence among 
the courts of kings, indorsed and accepted the 
idol of the Jews, viz., the taking of usury. Laws 
were passed allowing interest on money, and 
many of the Jews became immensely wealthy, 
especially the Rothschilds. Usage changed the 



76 

meaning- of the word usury. Now usury is 
defined as taking interest above the letral rates. 
Before this epoch, begorini^ and poverty were 
scarcely known in England. But since then 
the fluctuation of the money market by those 
who controlled it at various times the people 
have been forced to "eat sea weed and rob hog 
troughs," for subsistance. It's terrible and heart- 
rending to the producers of the wealth of Eng- 
land. Usury and high rents of land have made 
Ireland the great poor house of Europe. 

Blackstone's Comment, Book 2, page 458, 
says : " The school divines have branded the 
practice of taking interest as contrary- to divine 
law, both natural and revealed, and the canon 
law proscribes the taking of even the least in- 
crease, for the loan of money, as mortal sin." 
During the reign of Louis XIV, in France, 
many wealthy Jews and Calvinites went to Paris 
and set up the first "fifteen banks," in that city. 
They made friends with the King by loans of 
money to carry on successful wars. The nation 
was involved in debt. Taxes, tariffs and usury 
were unbearable. This departure from the 
good old paths required scheming in hope of 
being relieved of debts and interest ; hence the 
East India Company, the settlement at iVIada- 
gascar, and other enterprises, to effect usury 
abroad as well as at home. On the whole, usu- 
rers were not satisfied. Now the money power 
luled the civil, legislative and military, just as 
Wall Street rules in this country. The people 
robbed began to mourn and complain. A small 
cloud, as the mariner sometimes discovers on 
the smooth ocean, and as we now see in Ger- 



n 

iiiany. arose to fearful dimensions, it culminat- 
ed in the reion of terror. History repeats itself. 
Like causes produce like effects. We predict 
that usury will produce the reign of terror in 
Germany, the United States and England. — • 
The life of King William, a good man, and that 
of Bismarck, the great statesman, are in jeop- 
ardy. If the leaders are banished from Ger 
many and tht-y come to this countr)', the ball 
will he set in motion here. If so it will commence 
in New York and white-capped mountain waves 
will sweep over the nation trom Portland to the 
Golden. Gate. England, a conservative govern - 
nient, wil' be the last to suffer, for usury, or in- 
terest, is only from 3 to 4 per cent. As the 
$19,000,000,000 of indebtedness drawing inter- 
est in our county is all the producers can pos- 
sibly bear, and as the money power is only 3 
per cent, to the whole, they own more property 
than the 97 per cent, of producers, it would be 
a stroke of wisdom if the usurers would now 
withdraw from dictation, for they have enough 
to support themselves and their children in lux- 
ury through life. They should not interfere 
with the people, who want plenty of "Fiat" pa- 
per money, with reasonable interest. If they 
continue to crowd the mourners, the}' must ac- 
cept the consequences. 



HOW TO GET BIG INTEREST. 

"He that hath pity upon the poor, lendeth 
unto the Lord, and that w^hich he hath given, 



78 

will he pay him back again." — Prov. 19 — 17. 
This truth is proclaimed all through the Scrip- 
tures. So he who desires "big interest^' should 
never oppress, but help the poor, for the Lord 
will pay him at least 10 per cent, daily, com- 
pound, through all eternity. Will he, who by 
usury oppress the needy, receive any interest 
hereafter? This is not for us to judge, but fc^r 
the creator ot all things to determine. Remem- 
ber, he who acknowledges a common brother- 
hood, does all in his power to help and elevate 
the distressed, will be rewarded by the common 
Fathei of all. 



LOSSES BY BANK FAILURES. 

Report from the Secretury of Treasurjij. Feb. 11, 1841. 

The capital of 20 bauks failing- between 1780 and 

1811. amounted to $3,000,000 

From 1811 to 1830,195 banks failed with an 

aogregate caDital of. . $36,787,309 

From 1830 to 1841. the capital of 150 banks 

broken or failed amounted to $45,000,000 

Thirty banks failed in the Southern and Western 

States, with an auoTcoate of. $12,000,000 



The whole number, 305. and their whole capital SiXi 



3l>'.> 



liOsses by the community through the deprecia- 
tion of bank paper during the suspension of 
specie payment, from 1814 to 1817 $7.5iM».MOO 

Whole loss from 1814 to 1817 $22,5OO.()0(> 

Ac the suspension of 18.37. the whole circulation 

out, was about $150,000,000 



The whole loss from 1837 to 1838 $44,000,000 



79 

At the .suspension in ISoli, limitfil to the coun- 
try South and West of New York, the circula- 
tion out in that part, was about $75,000,000 



The whole loss from 1839 to 1841 $22,000,000 

Loiiises Jty hanks icliich Juice fmled since 1789, computed on 
their capital., circulation, deposites, and halttnces owing. 

1. The whole capital of broken banks since 1879, is estimated 
at $96,787,309 

The probable 1- tss is computed at $43,393,65-4 

In other eases, the loss is computed at .. $24,196,827 

I'Siis would make the loss on capital $72,590,481 

Loss on capital $72,590,481 

Loss on circulation 1 8,147,620 

Jioss on deposits, c^c 18.147,620 

The whole loss by failures would then be $108,885,721 

Aggregate fosses since 1879. to the people through the exis- 
tence of hanks and use of hank-paper. 

\ . Losses thrctugh banks that have failed since 
1789, on their capital, circulation, and de~ 
deposits $108,885,721 

2. Losses by depieciatiou on bank notes through 
suspension of specie payment 95,000,000 

3. Loss by destruction of bank notes 7,121,332 

4. Loss by counterfeit n(-tes 4,444,444 

Summary. 

1. Losses by bank failures $108,885,721 

Losses by suspensions of specie payment by 
banks, and consequent depreciation of their 
.lotes 95,000,000 

-'». Loses by destruction of bank notes by ac- 
cidents...' 7,121,332 

4. Losses by counterfeit bank notes, beyond 

losses by ooin 4,444,444 

5. Los.ses by fluctuations in bank currency 
aifecting- prices, extravagance in living, sac- 
rifices of property '. 150,000,000 

Aggregate computed $365,451 ,497 



o 



So 

'•It has been the practice, in nio.st \n\ns of the e(tU!itry. (o 
put banks into operation chiefl; upon the stock notes of* the 
proprietors. By reports of the LeL>ishiture of Massachusetts, 
in 1838, it appears that many of the hanks in that State, which 
are L>enerally as safe as any in the Union, have been put iiitu 
operation upon the naked promissory notes of the stockltoldtrs. 
v^'ith little actual capital, exce;>tin_u' that which has accumula- 
ted from tlie operations of the banks. These promissory iiotts 
are the principal basis of th'^ paper currency issued in the li)sf 
instance If confidence should happen to be buoyant for a 
succession of years, the interest on the currency paid in ad-- 
varc^, compounded as it always is at short periods, enables the 
>itock notes to be withdrawn without the applicatioi; (tf any 
capital whatever, by the oriuinal stockholders.' 

Levi Woodbury, 

Se<'ietaiv of the Treasiuv 
TollK' rresideiit of the Sennte >>f tlie I'liitcd States, 

Three hundred and sixty-five million.s, four 
hundred and fifty-one thousand, four hundred 
and ninety-seven dollars lost by the failures of 
specie paying banks from 1786 to 1841 — Si 
years. Poor, deluded Americans. After throw- 
ing off the British yoke, put on a more galling 
one. The loss has been greater from 1 842 to 
1879 — ^J years— which will be shown when we 
get officialy the details. Hard money is the 
greatest fraud Satan has ever had the impu- 
dence to palm off on honest toil. Uncle Sam's 
Bank, based upon the production of 45,000.000 
of people, will not fail. 



GREATEST TRICK OF SATAN. 

'I'o secure a network of laws whereby drone 
bees take all the honey, and in case the work- 
ers need a little to sustain life, they must by 
rigid contract not only pledge reserved but fu- 



8i 

ture labor to fulfill agreements, when by failure 
from sickness or otherwise, the drones take all. 
and turn industry out in the cold. This truth is 
Santan's masterpiece. 



KENO. 
A. B, C and D stake their money at keno. 
The banker, who holds the stakes, sets upon his 
cushiond chair and declares A. "keno." After 
taking- out lo per cent, he forks over the bal- 
ance to the winner. A, according to the rule, 
cannot sneak out, but must give the others a 
chance. If the crowd continue the play long- 
enough, the banker takes all in the pot. Inter- 
est in time takes all a man hath. The latter is 
legal ; the former illegal. 



CREDIT. 

Credit is a necessity. No man anticipates 
pay in advance for labor to be performed, there- 
fore he gives his employes credit. No school 
teacher presents his or her bill to treasurer of 
school district, before services are rendered. 
Our legislators do not demand pay from State 
or Nation for services in advance. They trust 
the State and ask pay when the work is done. 
Credit, therefore, is a national obligation. Too 
many abuse this credit, which is an injury to 
themselves and others. It should be remem- 
bered that all the wrong we commit in life is the 
abuse of what was intended for good, Human 



X2 

law, allowincr money to increase exorbitant in- 
terest, taken out in advance, when it does not 
possess any accumulating power, is the greatest 
wrong ever inflicted upon our race. Our law 
makers will please look into this matter, and re- 
port to their constituants. 



UNITED STATES BONDS. 

The following comprises all the Treasury 
notes, legal tenders and other species of money 
issued bv the United States during the war, 
from 1 86 1 to i865 : 

TREASURY NOTES OF 1861. 
Description of money. Anit hitued. 

The act of March 2 1861,(12 Stat. 178) 
authorized the issue of $35,000,0(10 of Treas- 
ury notes, to be received in payment of all 
debts due the United States, including custom 
duties, and were redeemable any time within 
ten years. Amount issued .". $3.'),3H4.4.")<> 

DEMAND NOTES, 

The Act of July 17, 1861, (12 Stat. 259) au- 
thorized rljf- issue of S50^ooo,000 of Treasury 
noti's. not Ix-iiring interest, payable on demand. 
T!i(. Act of Fr}>. 12, 1862, increased the amount 
aurlniriz-'! 10.000.000 all of wliirh were made 
full lept! teiid.Ms by Act oF March. Amount 
issued ' $ij!>.(iii().i)!Kt 

SEVEN-THRTIES OF 1S61. 

The Act oJ July 17, 1861, (12 Stat. 250) au 
thorized a loan of ^250, 00(1,00(1. r.art of which 
was to be in Treasury notes, with interest at 7 
and 3-1 }>er centum per annum. payabl<3 three 
years after date. Amount issued S140. 004.75(1 

LEGAL TENDEli NOTES. 

The Act of February 25, 1862, (12 Stat. 345) 
authoriz<->d the issue of $150,000 ,000 United 



Stares tiotr's, not hearing interest, payable to 
bearer. These notes to be a legal tender, except 
tor inteniit on the public debt and duties on iui 
ports. Act of July 11, 1862, authorized an ad- 
ditional $15().OO(),()0() of these notes. Act of 
March o, 1S<;:5. (12 Stat. 710) an additional 
$ir)<l,(MM>.(MI(l. 01 this class of notes there were 
issued $915,420,0:^1 

CERTFICATES OF INDEBTEDNESS 

The Act of March 1 , 1 862, (12 Stat. 352 ) au- 
thorized the issue of certificates of indebtedness 
' got up in the form of money ) to public creditors, 
who mii;ht elect to receive them to bear interest 
at the rate of per cent, per annum. The 
Act of >Iay 17, 1S62, (12 Stat. 870) authoriz- 
ing the issu<- of these certificate in payment of 
disbursing officer's checks. Interest and prin- 
cipal payitf)le in lawful money. Amount issued $501,753,241 

FRACTIONAL CURRENCY. 

Total amount authorized $50,000,000 

ONE YEAR NOTES. 

Act of March 3, 1803, (12 Stat. 710) author- 
ized the issue of $400,000,000 Treasury notes, 
with interest not to exceed G per cent., redeem- 
able in three years, principal and interest pay- 
able in greenbacks, and to be legal tender to 
the extent that greenbacks were. Amount 
issued $44,520,000 

TWO YEAR NOTES. 

The Act of March 3, (12 Stat. 710) author- 
ized the issue of $100,000,000 Treasury notes 
iiiterest (i per cent., principal and interest paya- 
ble in greeiiback.s. after ten years, and to be 

legal ten<ler at their lace. Amount issued $16G,40t).rMlO 

COIN CERTIFICAIES. 

The Fifth section of the Act of March 3, 
ls()3. (12 Stiit. 711) authorized the deposit of 
gold coin and bullion with the Treasurer, and 
the issue ot certificates therefor, in denomina- 
tions the same as United States notes ; aho an- 
fhorized the i.^sut' of these certificates in payment 
of iiiferesf on the public debt and directs their 
receipt in pat/ment of duties on imports. Amount 
issued.......'. $502,770,400 



84 

COMPOUND INTEREST NOTES. 

The Act of March 3, 1868. (12 Stat. 709) 
authorized the issue of $41)0,000,000 Treasury 
notes, with 6 per cent, compound interest, pay- 
able in lawful money, after three years, and to 
be a legal tender at their face value. Amount 

issued.. $206,505,440 

SEVEN-THIRTIES OF 1864 and 186^3. 

The Act of June 30, 1864, (13 Stat. 218) 
authorized the issue of $200,000,000 Treasury 
notes of not less than $10 each, payable at not 
more than three years from date, or redeemable 
at any time after three years, with interest at not 
exceeding 7 and 3-10 per cent, per annum. 

The Act of March 3, 1865, (13 Stat. 408^ 
authorized a loan of $600,000,000, and the is- 
sue therefor of bonds, or Treasury notes ^ bearing 
7 and 3-10 per cent, interest per annum. 

These were all i.ssued in the form of Treasury 
notes, and were paid out as money to soldiers 
nd other employes of the Government. Amount 
ssued * $82"».1592,5iH) 

WAR BONDS FROM 1861 TO 1870. 
LOAN OF 1861. 

Act of Juiy IT, 1861 (12 Statutes, 259) au- 
thorized the issue of $250,000,000 bonds, with 
interest at not exceeding 7 per cent, per annum, 
redeemable after twenty years. Amount issued $50,000,000 

The Act of Aug. 5, 1861 (12 Stat., 313) au- 
thorized the issue of bonds with interes' at 6 per 
cent, payable after twenty years from date, in 
exchange for 7.30 notes issued under Act of July 
17, 1861. None of these bonds were to be is 
sued for a sum less than $500, and the whole 
amount was not to exceed the wholf amount of 
the7.30notes. Amount issued $i:i;>,321 .200 

FIVE- TWENTIES. 

Act (-f February 25, 1862,(12 Stat. 345 ) 
•.luthorizcd a loan of $500,000,000 for the pur - 
pose of funding the Treasury notes and floating 
debt of the United States, and the issue of bonds 
thwrefor, with interest at 6 per cent. These 
bonds were redeemable after five vears and 



85 

payable in twenty years from date. By Act of 
March 3, 1864, the amount of bond.s was in- 
creased by $1 1,000.000, and tlie Act of Jan. 
28, 1805, by $4,000,000. Jnter^^iit payable in 
coin. Amount issued S51 4,771 .()00 

TEN-FOKTIES OF 1864. 

The Act of March 3, 1863, (12 Stat. 709) 
authorized the issue of $!)00,000,000 bonds at 
not (\xceedintr 6 per cent, interest, redeemable 
after ten years, and payable not more than forty 
years from date. — principtd and interest in coin. 
Amount issued !$75.0()<l.(M>i> 

TENFOIITIES OF 1864. 

The Act of March 3, 1864, (13 Stat. 13) au- 
thorized the issue of $200,000,000 bonds, at not 
exceeding 6 per cent, per annum, redeemable 
after ten years and payable not more than forty 
years fnm date. Principal and interest pai/ahle 
in coin. Amount issned $ 1 04 ,567 .3( »0 

FIVE-TWENTIES OF MARCH, 1864. 

The Act ot March 3, 1864. (13Stat. 13)au- 
thorized the issue of $200,000,000 bonds, at not 
exceedinu 6 per cent., payable afvcr five years. 
Amount issued $3,^82,500 

FIVE-TWENTIES OF JUNE, 1864. 

The Act of June 30, 1864, (13 Stat. 217) au- 
thorized a loan of $400,000,000, and the issue 
therefor of bonds, redeemable not less than five 
nor more than thirty years (or forty, if deemed 
expedient) from date, with, interest in coin^ at not 
exceeding 6 per cent, per annum. PayaV)1e 
.^emi annually. Amountissued $125,561 ,30<) 

FIVE TWENTIES OF 1865. 

The Act of March 3. 1865. (13 Stat. 468) 
authorized the issue of ?600,000.000 bonds or 
Treasury notes. The bonds t(.' be for not less 
than $50, payable not more than forty years nor 
lass than five. Interest payabh in coin at 6 
per cent, per annum or 7.30 per cent, if paid ia 

currency. Amount issued . $203,327,250 

CONSOLS (5-20s) OF 1865. 

The Act of March 3, 1865, also authorized 
the issue of $600,000,000 bonds (or Treasury 



H6 

notes ) ill addition to previous amounts, the 
bonds to be for not less than $50. payable in not 
less than five nor more than forty years. Interest 
(ft ^ per cent in coin or 7.80 in currency. Amount 
issued $332,!)98,950 

CONSOLS OF 1867. 

The Act of .March 3, T8.*5, (13 Stat. 4(38) au- 
thorized the issue of $60(1,000,000 bonds, oi' 
Treasurynotes, in addition to amount previously 
authorized. The bond to be for not less than 
$50, payable from five to forty years, with in- 
terest at (3 per cent, if paid in coin, or 7.30 if 

in currency. Amount issued $370,016,050 

CONSOLS or 1868. 

The Act of March 3, 1865, also authorized 
the issu<^. of $600,000,000 bonds or Treasury 
notes, in addition to amount already authorized. 
The b(uids to be for not less than $50 payable 
from five to forty years, interest semi annual, at 
6 per cent, in coin or 7.30 in currency. An^mnt 
issued $42,539,350 

The last three issues of consols were for the purpose of ab- 
sording- and funding the legal-tenders and greenbacks. They 
were the contraction bonds and used for that purpose. 

No Act under which their issued authorized their payment 
in coin, and even the interest was payable in currency by the 
addition of one and three-tenths per cent. 

FUNDED LOAN OF 1881. 

The Act of July 14, 1870, authorized the issue of $200,000,- 
000 bonds at 5 per cent, interest, $300,000,000 at 4^ percent, 
and $1,000,000,000 at 4 per cent. Principal and interest 
payable in coin. 

The Act of January 20, 1871, increased the amount of 5 
per cents to $500,000,000. 

The object of these bonds was to take the place of the 5.20's. 
which under the law, were not specifically payable in coin. 

About half of th3 5.20's have already been funded in these 
bonds, and the balance are being so funded as fast as the ex- 
change can be made. 



87 
EDUCATION. 
It appears to us that the essence of the Bi- 
ble is summed up in the following : "Love God 
with all thy heart, might, mind and strength, 
and love thy neighbor as thy self.'' If we love 
God we will admire his works and study his 
laws. Nature's laws are absolute. God never 
concedes, for he is always right. Human laws 
change ; are often repealed, and others substi- 
tuted, because man is falable. If we love our 
neio-hbor as our self, we will "do as we would 
be done by.'' Upon these two duties "hang 
the law^ and the prophets." To learn to do right 
is the chief or real education of life. As we have 
said before, "do right, for one with God is a 
majority.'' Question. — When money loaners 
foreclose on an unjust mortgage, though legal, 
and turn father, mother and little children out 
in the cold, is that doino- as we would be done 
by ? Our children should be taught that we 
were created to help each other ; that with hand 
and head they should produce equivalent to 
what they consume ; that if they would be hap- 
py they would try to make others happy ; that 
interest on money is the cause of most of the 
misery on earth, and that the improvement of 
every latent power, so as to secure a symetrical 
development, is a duty they owe to themselves 
and to society. In short, the education of our 
youth should be compulsory, and they should 
be restrained until orood habits become second 
nature. As no skunk on this globe will drink 
whisky, chew tobacco or swear, children should 
be restrained until they are of age. Last, but 
not least, that the human race were created for 



88 

a higher life, and to worship a just and omnip- 
otent God, instead of the golden calf of earth. 
An education that qualifies for eternal life, is 
all that is really intrinsic in this world. If there 
is no hereafter, this life is a farce, and a curse 
to a majority who labor, in consequence of de- 
vouring interest. Some new political party, 
like the former Abolitionists, should educate 
the people to throw off the galling yoke of the 
money despot. 



HOMES LOST. 

Is it true that 200,000 farmers In Nebraska, 
Kansas, Texas and Northern Iowa will lose their 
farms in consequence of mortgages and de- 
vouring interest ? If the virgin soil of this 
country could only keep clear of the Jews or 
shylock, what a prosperous and happy nation 
we would be. 



TERRIBLE. 
We are informed that loan and trust compan- 
ies in the East hold mortgages oil farms in half 
a dozen states in the Mississippi valley of over 
$300,000,000, drawmg 10 per cent., compound. 
Thirt)' millions of dollars per annum of the 
surplus production of said states are transferred 
from western farmers to the money princes of 
our land. It seems as if there Is a harmonious 
alliance between the money power of Wall 



Street, New York, and L( ndon, Great Britain, 
to rule the people of each country with a rod of 
iron. Our laws transfer I of the surplus pro- 
duction of the people into the hands of the feel- 
ingless few. 'There is danger of the producing 
power, now owning lands and homes by deeds 
of fee sifnjde. loosing all. It is a duty govern- 
ment owes to itself to control the finances of 
the nation ; to issue all th-e money needed for 
b sipicss purposes, loan the same at rates of in- 
t( rest in harmou) with labor, and the profits to 
1 : placed to the credit of the people. There 
ould be a huv, tliat will not only make it crim- 
inal, but confiscate the property of any who 
deal in money, The right inheres to producers 
of wealth to control the same. 



ECONOMY. 



A. a capitalLst, owns a mansi.>n that B carries the ''tin pall" ; works 300 , 
cost f 10.000 ; furniture, f 3,000 ; piano; days at $1.50 per day, which earns for 
'82,000 ; oil painlings, *l,000 ; span of him :?4,".0 \}ev annum. He pays out for 
li<)rsr*s and carraige. §600. He ex- himself and family 7.5 cts. per day for 
pends $i, '"00 for food and clothiug an- food. '$2*2.5 per year ; house rent at 
aually. He goes to all the lectures, $8Ki per month, fioo ; clothing for self 
concerts aud to a few shows, which is and family, $100 ; churcli expenses, 
all right, because he pays for his en- SIS ; Taxes, $4 ; oysters once and one 
joynient^H. basket of peaches. $1.25 : occasional- 

ly Harper's Monthly, Frank Leslie 
and Ledger, $1. Toial. ,$449.2.'.. 

This IS the most favorable sid<' for 
the 'Tin rail." 

It will be seen that B, by not attending lec- 
tures, concerts or any shows, not ev^en subscrib- 
ed for a news paper, has saved 75 cents per an- 
nunn above necessary expenses. Now, if B^s 
daughter gets a fancy bonnet, or a cht^ap organ 
is brought into the house, the money loaner 
says B is extravagant, and that he should econ- 



90 

omize, for he has no riij;-ht to the luxuries of life, 
unless he can pay for them. How did A come 
by his property ? Ans. — He inherited it, or by 
"superior executive ability^' obtained it. Now. 
let us see. A never produced or earned a dol- 
lar in his life, to add to the nation's wealth. How 
did he !J;-et such a colossal fortune ? Ans. — 
By excessive rates of interest, or by specula- 
ting on the labors of others ; if in land the la- 
bor of the many made his land valuable. B is 
a producer, and adds to the wealth of the na- 
tion. A never produced any thing, but a few 
extravagant children, and reared some pointer 
pups. That B has no right to any of the lux- 
uries of life, unless he shall exercise the most 
rigid economy, don't read straight in my Bible, 



OUR MONEY SHOULD STAY AT HOME. 

Money, produced in the United States, 
should remain at home to aid those who pro- 
duced it. Any custom or law, whereby one 
nation can take the money of an other, injures 
that nation in the same proportion that it bene- 
fits itself. The money of this nation represents 
the property of this republic. Balances against 
us injure our circulating medium. 1 hus balan- 
ces in our favor help us. The true theory; is 
that each nation is entitled to the use of its own 
money for its own benefit. Therefore, a paper 
currency, based on the productive wealth of 
the natio 5. is better than gold or silver. The 
real currency, a paper medium of exchange. 



91 

should be such that It will not wander off, like 
the prodioal son, but sta)' at home for the use 
af the American family. This would not only 
be in harmony with natural law, but would aid 
American industry. The United States posses- 
es every facility for securing" subsistance, com- 
fort and happiness. If our wives and daugh- 
ters desire silk dresses, we have something bet- 
ter — cotton and woolen goods. Imported wines 
are a curse rather than a benefit. Coffee and 
tea can be cultivated here. If a wall could be 
built as high as heaven and as low as the cen- 
tre of the earth around our nation, provided al- 
ways that there be one double gate to let in the 
oppressed of other nations, who have been dis- 
tressed by the money power, having stationed 
at the gate a strong police force to stop every 
dollar going abroad for the necessities or luxur- 
ies we can produce at home. 



GUARDIAN FOR UNCLE SAM. 

While v^e are dependent upon our fellow 
man, owincr to the interlacino^ of human inter 
ests, man should mainly rely upon himself for 
the common necessaries of life. What is true 
of an individual is true of a community, bod)' 
politic, state or nation. Our government when 
in distress, needing money to preserve its life,: 
should rely upon itself, instead of advising 
through Belmont with the Rothschilds, who 
would dig up the bones of Christ, if upon the 
earth, and demand oold of the christians, or 



9-^ 
even skin the devil for his hide and tallow. The 
Rothschilds when advised of our necessities, 
looked verv wise and said : " If the govern- 
ment will issue bonds, and not tax them, put 
them on the market we will furnish the ^rold." 
The bonds sold for about half their face, and 
will be redeemed for lOO cents on the dollar, 
with interest in gold. It does seem as if the 
Rothschilds and their allies aie bound to skin 
the people of the United States. Is Uncle Sam 
an idiot ? He certainly needs a cruardian. 



TAXES. 



Synopsis of the Iowa Tax Law. — Taxes become due 
on the first of Noveoiber, and delinquent on the first oi Febru- 
ary. On tlie first (»f March one per cent, interest is collected; 
first (;f April two per cent.; first of May three per cent.; first, 
of June five per cent.; first of July seven percent.; first of 
August nine per cent., first of September twelve per cent.; 
first of October fifteen par cent.; first of November eighteen 
per cent., and three per cent, per mf>nth thereafter. On tlie 
first Monday of October ofedchyear the lands are sold for 
taxes, when a further penalty of twenty per cent, attaches, and 
that with the principal, draws interest at the rate oi ten per ct. 
per annum on the first of March. After the sale the.purchaser 
has the right to pay subsequent taxes and collect the same 
penalty and interest as on the sale. 

This law by authority of the State of Iowa, 
oppresses the poor, whose homesteads are sold, 
and who would, if it were possible, pay prompt- 
ly these taxes. This would not be so calling 
if paid to the State instead of to usurers. If 
any man can show any state or nation that has 
a more usurious law this side of brimstone, 
please report. Our next legislature should re- 
form some of the errors upon our statutes. 



. . 93 

"LAME DUCKS." 

Interest has made more human " lame 
ducks " than powder and shot ever did ot the 
feathered tribes. Our laws require producers 
by their labor to support non-producers ; to 
perform impossibilities, hence the litigation in 
all the courts. 



UNCLE SAM, BANKER. 

We have statistics showing that about six 
hundred million of dollars have been lost to the 
United States within the last hundred years by 
the tailing and swindling of specie paying and 
savings banks. The failure of business firms 
consequent upon the money derangement, viz., 
hard times, panics and revolutions have been 
double. The same course in the future will pro- 
duce the same result. The only cure for this 
terrible evil is to change the money power 
from the g^reedy few to the government. Money 
exerts almost an omnipotent power. The temp- 
tation to cheat, swindle and deceive is too great 
to be controlled by selfish non-producers. Its 
abuse is almost an absolute certainty. Those 
who make the money ( the representative of 
production) of the nation, the right inheres in 
them to control the same. As the prosperity 
and wealth of the nation depend upon labor, it 
is a duty the government owes itself to con- 
trol the money in a manner that will encour- 
age production, secure the necessities of lite to 
all who contribute to its weel, especially those 



94 

who toil to produce the fruits of earth. The 
g^overnment therefore should issue a currency 
based upon the soil, gold, silver, copper, lead 
and iron, ( the three last most useful,) and up 
on all other things intrinsic. This is a sound, 
natural basis furnished by nature tor a circu- 
lating medium. This basis would never fail if 
the people obey " By the sw^eat of thy brow 
shalt thou earn thy bread," unless God should 
send a famine, and in such an event the gov- 
ernment, holding the surplus earnings, could 
distribute to those in distress. Our plan would 
be something like this, subject -to amendment : 
Uncle, Sam banker; the property of the nation, 
capital stock ; the owners thereof, of course, 
stock-holders. Profits placed to the credit of 
the people in national, state and county treas- 
uries. As the average profit on labor is from 
one and a half to three per cent, Uncle Sam, 
desiring harmony between capital and labor, 
would not exceed 3 per cent interest on long 
time with good security. 

The government should issue about $5o per 
capita ; loan to States secured by State bonds 
at one per cent ; the State loan to counties at 
one and three fourths or two percent, and re- 
ceive count}' bonds ; the county loan to the peo- 
ple at two and a half, not to exceed three per 
cent. This would be equitable and secure 
harmony, sympathy and love between the peo- 
ple and government. Such a system as this 
would strike a death-blow to communism and 
socialism, a secret fire- collecting material for an 
explosion. Postmasters in business localities by 
giving good security would make good bankers; 



9^ 
the safety and fidelity of the money order ar- 
rangement, prove it^ Uncle Sam's bank would 
never fail and all depositing in said bank v^oukl 
never lose a cent. To encourage the poor who 
wish to lav up their savings it may be policy to 
give one and a half or two per cent on time de- 
posits To.stimulate those who may have a sur 
plus of currency, especially the old man un- 
able to work or do business, the government 
should issue two per cent, bonds and take up 
the paper and re-loan the same. Profits of state 
and county paid into the national treasury to 
pay the expenses of the government, especially 
the interest on national bonds. Our views in 
detail may appear in another book. When a 
monetary system something like this shall have 
been adopted, all kinds of business will flourish, 
manufacturies will start up and be as prosper- 
ous as they were in England from 1799 to 1820, 
when the Bank of England suspended the fraud, 
specie payment, and issued paper freely. In ten 
years our shipping would surpass the world 
and our surplus production feed the globe. All 
of this, and[ more too, is in store for us if the 
government ( we mean the people, for they are 
the government ) shall adopt a just and equita- 
ble monetar)- system. In time of war many 
jjeople do not have confidence in paper money. 
Especially, then, it is important that the gov- 
ernment should have control of the gold and 
silver of the nation, for the benefit of producers, 
and those who risk their lives to save the 
State, instead of a selfish few who contrive all 
Avays to swindle both the government and the 
people. Even in times of peace this class control 



96 

the currency, to the injury of industrw Expan- 
sion is a natural law ; contraction is death. We 
should expand, and expand until we have a 
ship canal from Boston to the Golden Gate, 
with double locks over the Rocky mountains. 



WHAT'S THE MATTER ? 

While wheat, pork, beef, and nearly all com- 
modities have shrunk one-half to one-third ot 
their former value, and real estate, from which 
is derived all^ wealth, now defunct, to adjust 
themselves to specie resumption the curse oi 
traders and. farmers in distress failing every 
day, interest keeps up and mortgages do not 
shrink ? W*hy this great disparity ? Because 
legislation is for shylock — the dear people left 
out in the cold. That's what's the matter. 



DISINTERESTED BENEVOLENCE. 

Our nation furnishing credit of bonds and then 
paying national banks to use them, is disinter- 
ested benevolence, unprecedented. As usury 
by the few has created a debt of nineteen bil 
lions of dollars, the government ought now to 
loan its own capital and pay off this indebted- 
ness, for the producers of the wealth of the 
nation are discouraged. 



97 
CHRlST-USUPxY. 

Christ, the greatest philosopher philanthro- 
pist and teacher ever upon earth "overturned 
the tables of the money-changers." "But,'' sa)s 
the objector, "we find one or two passages in 
the Bible that outueigh all others upon usury, 
viz., Mathew xxv, 27: 'Thou oughtest, therefore, 
to have put my money to the exchangers, and 
then at my coming I should have received rny 
own with usury.' " Commentators say "not usu- 
ry, for that is unlawful interest, and more than 
the mone)^ can produce." As money does not 
possess any accumulating power the word "usu- 
ry.'' as used by our Savior, cannot mean inter- 
est. Besides, up to the middle of the fifteenth 
century, both biblical and profane authors de- 
clare that usury was the taking of money for 
the use of money. 

In Luke xix, 22, we find : "Therefore, thou 
gavest not my money in bank, that at my com- 
ing I might have received my own with usury." 
The^ two are the only passages in the Bible, 
that we know^ of, that admit of a question. Usu- 
ers cling to these passages of scripture as law, 
gospel and physic. 

Benson says, in regard to the parable of tal- 
entS; that it was not customary'among the Jews 
at that time to .take usury or interest. The 
parable means the improvement of all gifts for 
our own benefit, the benefit of others and the 
glory of God. This is in harmony with the 
verses preceeding and succeeding Mat. xv,'^7.> 
The servant that had received two talents 
gained two more, and he who received five 
talents gained five. His Lord said : "Well 



98 

done, good and faithful servant, thou hast been 
faithful over few things, I will make thee ruler 
over many things.'^ To improve our talents, 
genius and skill, as well as add to the "goods 
delivered to the servants, is sound political econ- 
omy. It will be lemembered tliat the Jews did 
not take usury from their own people, but at 
times were allowed to from strangers. 

Clark, in his comments on Exidus xx, 25, on 
usury, gives its origin, viz., "Neshceh — Hebrew 
— to bite, cut or pierce with the teeth ; biting. 
In Latin usury is called "Nachach," because it 
resembles the biting of the serpent, w^hich is so 
small as scarcely to be perceived at first, but 
the virus soon spreads and defuses itself till it 
reaches the vitals ; so usury is at first not per- 
ceived nor felt, but at length grows so much as 
by degrees to devour another's substance. 
That's it. Twenty millions of dry human hides 
are on the fence, and hundreds of green ones 
are coming ofif every day in the United J^tates, 
caused by interest or usury devouring anoth- 
er's substance. 

Webster^s Unabridged defines usury : "form- 
erly, interest or premium paid, or stipulation to 
be paid for the use of money ; (usury formerly 
dentjtt^d any legal interest. i)ut in this sense th'! 
word is no longer in use.) — Present usage : in- 
terest above the legal rates, or interest above 
the rate of interest established by law.'^ Apple- 
ton's Cyclopaedia, Vol. i5, page 863, defines 
usury : "Originally this word meant any taking 
of money tor the use of money, and he was a 
usurer, who in lending money'required in pay- 
ment an\' more than the amount which he lent. 



99 
This was once considered a great moral wrong, 
Vor many ages, however, the opinion, if it 
has not ceased to exist, has lost much of its 
practical or Uigal force, As the lender can op- 
press the borrower. Christian nations have fixed 
l)y law the rate of compensation for the use of 
money.'' Chamber's Encyclopaedia, Vol. 5, page 
606, we find : "A strong prejudice against ex- 
acting interest existed in early times, arising 
from a mistaken view of some of the enact- 
ments of the Mosaic law. As late as the rei^^n 
of lulward VI there was a prohibitory act. for 
the alleged reason that charging of interest was 
a vice most odious and detestable, and contrary 
to the will of (iod. Calvin, the famous reform- 
er, was one o! the; first to expose the error and 
impolicy of this vice." 

In Scotland an\' charge tor interest was pro- 
hibited before the reformation. We declare 
positively and absolutely that usury in the Bi- 
ble from Genesis to Revelations means the tak 
ing of money for the use of money. As it is 
a measure of values, no charge should be 
made, any more than for the use of other meas- 
ures. But selfish men have taken God's wis- 
dom at a discount. They have discounted and 
discounted the paper of producers until there is 
not much left to disconnt. 

We give Martin Luther's views, condensed, 
who in 1540 wrote a pamphlet admonishing 
ministers not to take or favor the taking of in- 
terest for use of money ; that the selfish inter- 
ests of the Jews, capitalists and rulers of gov* 
ernments were in opposion to the teachings of 
the Bible ; that the taking of interest was usu- 



lOO 

ry, condemned from the first to the last page in 
the Holy Scriptures ; that if allowed it would 
build up partition walls in society ; that a selfish 
arristocracy would live upon the earnings of in- 
dustry ; that if Christians should imbibe this 
worldly spirit, the church would lose its hold on 
the masses, and consequently fail to accomplish 
the work commenced by the Master ; that 
Christianity would lose its prestige and become 
a part and parcel of the world ; that the church 
wall be governed by the wealthy, who will pay 
tithes with other people's money, extravagant 
and worldly, to the injury of the poor, whom 
we always have among us ; that law allowing 
interest is legal robbery, which has and will ever 
create antagonism in God's beautiful world. 
Here we give the exact words ot this thunder 
and lightning reformer : "Who will help us now, 
when shame has got to be honored and crime 
a virtue. When you let money and take more 
in return it is usury, and is cursed by the rites. 
The capitalists say 'everybody takes interest, 
therefore I can.' The world is cursed and 
damned for it, and if you adhere to the. same 
you will suffer in Hell with her. You don't ben- 
efit your neighbor by lending him money and 
taking interest. You injure him as you would 
by stealing from him.'' Martin Luther's views 
on this subject ought to be studied carefully by 
every preacher on this globe. 

Calvin opposed Luther on this question. Lu- 
ther contended that mone\' taken for the use of 
money was usury, and forbidden in tie word of 
God. Calvin, Luther's superior as a scholar, 
argued the cjuestion scholarly and with great 



lOI 

power ; that money is a commodity, and that 
a man has a right to use his own, as to him 
seemeth good. Luther clearly showed that 
money should not be a commodity ; that its 
functions were to measure values, and for a me- 
dium of exchange, and that no man has a right 
to use his own to the injury ot others. Calvin's 
views took with usurers and the money power, 
which in Scotland, Switzerland and France built 
up strong and popular churches for him. By 
means of the money power, Calvin followed the 
mighty Luther. At this juncture of affairs the 
scale team was turned in favor of taking inter- 
est, which has grown with the growth and 
strengthened with the strength of the Christian 
Church. To-day the protestant church, except 
one branch of Lutherans, in this country, recog- 
nises the right to take interest, and has perliaps 
more sharpers, in proportion, in the church than 
out of it. This is the reason why the church 
has lost its prestige. Christ labored to bene- 
fit the people in temporal as well as spiritual 
things. A Baptist missionary in India, by his 
labor in the famine lately, baptised ten thou- 
sand people. If the christian church imitate 
the Master, in "faith and works," its influence 
would be ten times greater upon our globe this 
very hour. Now, the masses do not find a 
home in the church. They are prejudiced and 
lean toward infidelity, and their children are 
being educated to favor "free'' Sabbaths. If 
the church should work for the temporal, as well 
as spiritual interest of the people, infidelity 
would be shorn of its power. 



I02 

The world has too many in the church Hke 
the deaco 1 in Iowa, w,io said he "could not see 
how a christian could take more than 32 per 
cent, for use of money in hard times." 

We are informed that not more than 1,000 
miles from Ripon. Wis., not long- ago, an influ- 
ential Presbyterian deacon loaned money. A 
widow lady desired to take up a mortgage on 
her house and lot, and asked the deacon to lend 
her the money. The deacon said he would, 
provided she would give him 25 per cent., the 
rates which he was then getting^. The widow 
said that to pay over 10 per cent, would distress 
her. The deacon replied, "suppose we pray 
over it, and perhaps your eyes will be opened." 
They both knelt down, and the deacon prayed 
earnestly. The widow consented to pay the 2 5 
per cent. 

At Crawfordsville, Ind., in 1840, a responsible 
citizen, being hard up, called upon a capitalist 
to borrow $200 for three months. The money 
loaner said that the times were so awful hard he 
could not accommodate, unless he had big inter- 
est. The borrower offered to pay at the end 
of 3 months just what per cent, the capitalist 
should think best to take. By this pledge of 
honor he got the money. At the end of the 3 
months, the borrower layed down $400, and 
told the lender to take all he thought best. The 
capitalist took $300. At night he told his wife 
that he had made $100 off his neighbor, and 
could have made $100 more. She reproved 
her husband for not taking it. He replied : 
"Don't you suppose I have the conscience of a 
christian ? " 



The truth is, the church has become too 
'worldly. A majority of the people have little 
or no confidence in church members. 

The strength and weio^ht of John Calvin, in 
favor of usury has built up an arristocracy, at 
the expense of industry. The Presbyterian 
church, w^hich is doing a noble work in this world, 
is not to blame for a mistake of its founder. 
The money power of the world could well af- 
ford to resurect the bones of John Calvin, put 
the same into a gold coffin and deposit them in 
Westminster Abby or some other popular place. 
But there is one difficulty in the way, and that 
is that his bones in a crold coffin would not be 
any more safe than A. T. Stewart's. In a usur- 
ious country locks, bars and bolts could not pro- 
tect them. Truly, "the love of money is the 
root of all evil." 



IRISH CONSTRUCTION. 

Pat says to Sullivan, "what does 5-20, 7-30 
and 10-40 bonds mean ? " Sullivan says, "I 
know all about it — 5-20 means to get up at 
5:20 in the morning, and work until 7:30 in the 
evening, so that the banker can lay in bed until 
10:40." 



JUSTICE. 
Bunyon, one of the best men that ever lived, 
who brought our 10 different characters in his 
allegory ol the pilgrim, was put in Bedford 



ro4 

street jail for i 2 years because the laws forbade 
his preaching the gospel until he stepped in 
that divine calling "through the right door." 
Thousands of our race struoralino- to live and 
support their families, have been sent to state 
prisons, because the laws favor the money pow- 
er. History will bring out facts that will make 
future generations shudder. 



MONEY. 

If the orovernment has the rio^ht to create 
money, why don't it pay its debts, instead of 
saddling a terrible burden upon the people ? 



THE RAG BABY. 

Whenever there is an "over production" why 
is it that very many laborers are ragged and 
half starved ? Because there is a scarcity of 
"rag babies." One of the sons of toil said to 
me : "A few years ago when a 300 pound hog 
brought ^25. I had the mone)' and bought one. 
Now when 300 pounds of pork can be bought 
for $8, I have not got money enough tu bu)- 
a chicken." Who ever knew a dull market 
when there were plenty of "rag babies? ■' Dur- 
ing the 400 years of prosperity of Venice, in 
which no panics or revolutions occured, the "rag 
babies"* were $80 per capata. During England's 
greatest prosperity, from 1799 to 1820, the gold 
fraud gave out, as it now shows its weakness in 



io5 

Glasgow and many parts of Great Britain, Par- 
liament ordered plenty of "rag babies." She 
prospered more during that 21 years, than any 
half century before or since. In France the 
gold fraud "busted^' several times, and every 
time the "rag baby" kept up the industries of 
the nation. As usual when the United States 
was in trouble, gold and silver sneaked off to 
the vaults of the usurers. The government 
was forced to bring forward the "rag baby" to 
pay soldiers, and by it we whipped Jeff. Davis 
and saved the nation. God bless the "rag ba- 
by,'^ for people everywhere prefer it to gold or 
silver. 



ROTHSCHILDS-RED SHIELD. 

At F'rankford, Germany, in 1743, there was 
a Jew named Meyer Anslem. He died, leaving 
a son, who was bound to become rich. This 
son packed up his duds and tramped to Hano- 
ver, where he engaged as clerk in the office of 
a money broker. He saved every cent over 
and above bare subsistance, got married, set up 
on a small scale in the money broker business, 
bought up old coin, shaved notes and dealt in 
jewelry, under the sign of "Red Shield," from 
which was derived his name, "Rothschild.'' He 
seemed to have embodied the spirit of the sev- 
en Herods and those Jews who sold Christ very 
cheap, and hence was a success in getting mon- 
ey. During the wars of that age he seized up- 
on every opportunity to make a fortune by the 
misfortunes of others, for he was a lew. No- 



io6 

bles, Princes and officials of crovernment heavi- 
ly mortgaged their property, at ruinous usury. 
to obtain a little money. In a tew years he 
made eight millions of dollars, and died. His 
will required his five sons to keep together, go 
Into the banking business, take mortgages, deal 
in government stocks, or anything to make 
money, provided always they got good-security. 
His sons at the bedside of the dying father, 
took an oath before a magistrate, that they 
would carry out the provisions of the will. They 
do so to the very letter. Each son labored with 
all his ability in the department of business to 
which he was best adapted. Nathan, the sharp- 
est, was to "drive" the bargains, another to 
keep the books, the third to examine securities. 
&c. In 1798 they set up a "shaving'* shop in 
Manchester, England, and made millions of dol- 
lars. In 1803 they went to London, to specu- 
late in government stocks. In the wars with 
Napoleon England's exchequer was often emp- 
ty. The Rothschilds, at a very great discount, 
often bought exchequer bills, turned them over 
to the government at par, by furnishing money. 
One of these Jews was on every battle field, 
and reported by carrier pigion to their house 
in London, to take advantage on change. They 
won "on every heat.'' They gambled with half 
a dozen aces in hand. This deception and rob- 
bery, sharpers call great executive ability in fin- 
anciering. At Waterloo, Nathan went upon 
the heights to watch developments. In the 
afternoon of June i8th, 181 5, he saw that the 
combined armies of Blucher and Wellington 
were too powerful for the F'rench, and that 



r07 

Waterloo was won for EniJ^land. Nathan, who 
had no thought for the killed and wounded, 
widows or orphans, mounted the swiftest steeds, 
stationed for his benefit, and flew to the En^ 
lish channel. The wind blew a gale, and the 
waves swelled to ''mountains hioh." No cross- 
ing ! He offered $400 to a skifTman to take 
him across, x^t a great risk of his life, he land- 
ed on the shore of Dover, thence, without food 
or rest run down several horses for London, 
declaring all the way that Waterloo was lost to 
England. Stocks fell to ruinous prices and 
their agents bought all they could oi those shak 
ing in their boots. In 24 hours news came that 
England had won the battle oi Waterloo- The 
Rothschilds made in one day five millions of 
dollars. Those who think Satan can beat that, 
have a higher opinion of him than we do. This 
firm will be likely to get up a corner in the re- 
gions of brimstone. During our civil war the 
Rothschilds sent over Belmont to advise our 
government in finances. Our nation obeyed. 
The Rothschilds, it is said, hold over, one hun- 
dred millions of our bonds, purchased at about 
half their face. Good Lord, deliver us! 



ROMAN CHURCH. 

It is a cardinal doctrine of the Roman Church 
not to take usury or interest. If it should now 
bring "usury" to the front, it would take the 
world, by being in sympathy with labor. 



INDEX 



Banks '. 30 

.Chicago Rebuilt 47 

Credit 82 

Clinton (-ounty 69 

Christ— Usury 97 

Devouring Capacity of In- 
terest 21 

Disinterested Benevolence 96 

Economy 89 

Education 87 

Fiat Money 72 

Gold as a Basis a Fraud.. 58 
Greatest Trick of Satan. 80 
Guard'an for Uncle Sam. 91 
How Interest Accumu- 
lates 44 

How to Kill >!atan 56 

Hearts -Gizzards 74 

How to Get Big Interest 77 

Homes Lost 88 

Interest a Hard Master. . 14 
Indebtedness of United 

States 48 

Interest, Death to our Re- 
public 56 

Irish Construction 103 

Justice . . ...103 

Keno 81 

Lite an ^Irresistable Con- 
flict 57 

Lame Ducks *. 93 



Losses by Bank Failures. 78 

Mortgages on Churches. . 51 

Money 104 

No Interest on Money 5 

Nature's Law " ... 9 

M ever give a Mortgage..' 16 

Old Beelzebub 73 

Onr Money Should Stay at 

Home 90 

Pavintr Interest 16 

Raa: Baby 104 

Railroads no Monopoly. . 45 

Roman Church 107 

Rothschilds— Red Shield. 105 

Sinners 21 

Siucide ; . . . 49 

Solid Men 50 

Tin Pail Noblemen 8 

The Moitgage 19 

The Fat Ox 19 

The ^'Lillies" 55 

Tinkering the Finances. . 55 

Terrible 88 

Taxes 92 

Unfortunate Farmers 15 

Usury the Root of all Evil 75 

United States Bonds 82 

Uncle Sam, Banker . . 93 

Wall Street il 

Warning to Strikers. . 51 

What's the Matter 96 



ERRATA. 



Page 55-"Li'lies," nearly all wrong. 
Pao-e58. 6th line— '-honst^'' should be ''hour. ' 
!'age58— "substance'^ shoul(l be ''subsistence." 
Page 6o. 8th line— "of" should be "or"* ; in 10th lint 
should be 'nunpy." ., 

Page 63. 16th line— "1880" should I e "1840. 
Pao-e 101, 11th line— -iollowe.!-' should be "floored. 



'life" 



k 



NO INTEREST FOR MONEY, 

EXCEPT TO THE GOVERNMENT ; 



UNCLE SAM, banker: 

thp: wkalth of the country, including soil, 

minerals and the productions, 

the cwpital stock. 

PROFITS PLACED to the CREDIT of the PEOPLE 

AFTER PAVINC; COVERXMENT EXPENSES. 



SHYLOCK AND HIS MONK\ OAST OlT : FOK THE PEOPI.E CAN 

HAVE nE'lTEPi MONEY. MOUl': OE IT. AND A BANK THAT 

WILL NOT 15KEAK : ALL DEPOSITS SAFE: NO 

•'HAKD TIMES" NOlf KEVOLFTIONS. 



BY VV. H. GIBBS, LYONS, IOWA. 



LYONS, IOWA: 
J. C. Hopkins. Pkinter, Advertiser Office. 

18 7 9. 



New Monetary SystExM, by Edward Kellogg 
is a sound work on Political Economy. 



The Money Question, by. Wm. A. Berkey, 
Grand Rapids, Mich., ought to be in the 
hands of every thinker. 



The Irish World, New York, a newspaper 
that is really American, and ought to be in 
every family of the producers of wealth. 



The author of this pamphlet intends to pub- 
lish a book on Political Econom) . founded on 
the natural rights of man as plain and simple 
as Webster's Elementarv Spelling Book. 



He will address clubs on a New Monetary 
System, the great question of the hour. Ad- 
dress W. H. GiBRs, Lyons, Iowa. 



i 



Single copy, postage paid, sent to any ad 
dress, for 5o cents. Liberal discount to book 
agents. 



9' 



v_^ 



a: 



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013 730 362 0# 




